Earlier this month Mayor Edwin M. Lee and District Six Supervisor Jane Kim joined newly formed nonprofit Community Arts Stabilization Trust (CAST) to announce the purchase of two arts buildings in the Central Market and the Tenderloin.
CAST was recently formed by NCG member the Kenneth Rainin Foundation and the Northern California Community Loan Fund (NCCLF) to support the City’s efforts to expand and provide long-term stability to arts groups in Central Market and the Tenderloin as part of the Central Market Economic Strategy. The Kenneth Rainin Foundation committed $5 million over five years as seed funding to pilot their program for stabilizing space for community arts organizations in the Central Market area. The pilot program includes the acquisition of two arts facilities sites in Central Market and the Tenderloin.
CAST will enable these nonprofit arts organizations to build their capacity and contribute to the neighborhood’s vibrancy without the threat of displacement,” said CAST Board Chair Eric Rodenbeck. “This is particularly important in the Tenderloin and Central Market where skyrocketing property values threaten the stability of community arts organizations.