2 Minute Briefing #2- February 2005
In This Issue:

1. ART SMARTS on Development: The Low Income Housing Tax Credit 2.EXAMPLES THAT WORK: The Acme Artists Community in Chicago 3. Including Artists in Your Development Project 4.Capital Funding for Cultural Organizations 5. The Basics of Coops

1. ART SMARTS on Development: The Low Income Housing Tax Credit The Low Income Housing Tax Credit is a credit against Federal Income Tax based on the amount of money invested in low to middle income rental units. Credits are given out on a bi-annual basis in most states in a competitive process. This credit is esssential to many artist space developments. To learn more about it, contact your local department of housing and community development. The Federal Department of Housing and Urban Development's site
2. EXAMPLES THAT WORK: The Acme Artists Community in Chicago is a limited equity development providing home ownership to artists and their families. Acme provides office space to non-profit organizations including Chicago Community TV Network, NNWAC and the Chicago Mutual Housing Network. A project of the Near NorthWest Arts Council (NNWAC), Acme is the first work/live artist community in Chicago designed, managed and owned by its members. The project is unique because it has been developed through grassroots participation to achieve affordable, sustainable, energy efficient space well suited to the arts. Learn more about it from the website Near NorthWest Artist Council
3. Including Artists in Your Development Project Are you a CDC or Developer looking to include artists in a project? Numerous projects have included artist live/work studios are part of their development and benefited from it. Also, an arts related business or successful non-profit arts organization can be great tenants and a great addition to your mix in a development. Some cities, such as Boston, have been able to preserve overall dwindling numbers of artists spaces by including them in projects. Check out Boston current efforts, including a survey of artists needs, design guidelines for artist space and their current efforts around trying to preserve artist space: City of Boston Artist Space Efforts
4. Capital Funding for Cultural Organizations The New York State Council on the Arts along with the New York City Department of Cultural Affairs put together a list of foundations which fund capital projects for cultural institutions. While this list is very New York Based, it is a useful tool to begin looking for funding. The Department of Cultural Affairs Report
5. The Basics of Coops Want to know the basics of Coops and don't know where to start? The National Coop bank is a great place to begin your search. They can give you all the basic details of these types of arrangements and why they might work for you and your development. Plus, they are a good place to consider for getting your financing! Basically, coops are where artists take out just one mortgage on a property. Residents hold leases to thier units instead of deeds. Everyone in the co-op pays collective fees and maintenance, They can also tell you more about limited-equity cooperatives, where limits are placed on the resale amount. Many artists find that collectively they can achieve space through co-op arrangements. National Coop Bank