The Community Arts Stabilization Trust, an inventive model to secure affordable homes for arts organizations
Tuesday, October 14, 11:10am – 12:40pm
Organized by Shelley Trott, Director of Arts Strategy and Ventures, Kenneth Rainin Foundation; and Moy Eng, Executive Director, Community Arts Stabilization Trust.
Presented by Tom DeCaigny, Director of Cultural Affairs, San Francisco Arts Commission; Steven H. Oliver, President, Oliver & Company; and Joshua Simon, Executive Director, East Bay Asian Local Development Corporation.
San Francisco is undergoing a technology industry and attendant real estate boom, which has precipitated a space crisis for arts organizations. The Kenneth Rainin Foundation has catalyzed an unprecedented partnership between the Northern California Community Loan Fund and a variety of City of San Francisco partners to launch a new model for a nonprofit real estate holding company for arts and cultural organizations: the Community Arts Stabilization Trust (CAST). Its mission is to create stable physical spaces for arts and cultural organizations to facilitate equitable urban transformation. We will provide information on: 1) a new philanthropic model adaptable for locales or communities beyond San Francisco; 2) the New Market Tax Credits program and how it can benefit cultural organizations in real estate purchases; 3) a model for a public-private sector partnership between city agencies and a private foundation focused on community development and creative placemaking through an innovative financial strategy.