$100 Million Fund Set Up for Artists

Wednesday, April 05, 2006

Making ends meet may soon become a little easier for artists in the city. The city's housing agency is setting up a $100 million fund to help artists buy the spaces where they live and work. City Housing Commissioner Sean Donovan says the fund will benefit artists who lift real estate values in neighborhoods as they've done in Soho, Tribeca, and Dumbo.

DONOVAN: If we believe as I think many of us do, that artists not just need affordable housing, but actually create real estate value, what we're trying to do is create a fund that would actually leverage some of that, bring in investment dollars to follow artists, and allow them, for reduced prices, to buy their space.

REPORTER: Donovan says the fund which is in preliminary stages of development could potentially help thousands of artists.

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