Displacement threats to arts and cultural organizations are an increasingly urgent problem in cities and communities across the country. Fellow funders, city governments and nonprofits are searching for solutions to help protect our most valued arts and cultural assets.
Today, the Kenneth Rainin Foundation has launched a new online resource to showcase an innovative solution that can help secure permanent, affordable spaces for arts nonprofits.
The journey for this solution began five years ago when it was clear the Bay Area was poised for another displacement crisis due to escalating rents. Fearing the loss of our vital organizations, the Rainin Foundation brought together community leaders, including our most progressive thinkers on creative finance and nonprofits to challenge the status quo. And we succeeded.
Together, the Rainin Arts Real Estate Strategy was developed - a groundbreaking solution that creatively uses existing financial tools and leverages public and private resources.
At the center of the model is a real estate holding company like the San Francisco-based Community Arts Stabilization Trust (CAST) that works with multiple partners to purchase real estate on behalf of arts organizations. This bold solution came just in time for two of our grantees that were facing displacement due to building sales.