Community Arts Stabilization Trust

San Francisco,
CA
(2020)

Community Arts Stabilization Trust

Community, Historic Rehabilitation, Mixed-use

NMTC financing supported the Community Arts Stabilization Trust, a nonprofit real estate development and holding company strictly for the arts.

Investment

NMTC Amount: $8,007,000
Total Project Cost: $9,000,000

IMPACT

25 FTE jobs
44 construction jobs
447 Minna provides below market rental space for Bay Area Arts organizations
10,200 sq. ft. of real estate

CDEs

San Francisco Community Investment Fund

Investor

Chase

Voices from the Community

For community based economic development and nonprofit owned community facilities, this is a critical funding source that pays for up to 15-20% of project costs (after the expense of the tax credits). From YMCA youth centers and youth afterschool programs, to cultural facilities, such as Seattle’s Wing Luk Museum and San Francisco’s Jazz Center, important community assets would not exist without this important resource. The nationally recognized Ed Robert’s Center for Independent Living in Berkeley, CA, for example, would not exist with out NMTC. This is a critical funding source for the infrastructure of healthy low and mixed income communities. It works! Make it permanent and make it more efficient.

-Joshua Simon, Community Arts Stabilization Trust (CAST), Oakland, CA

Project Description

Community Arts Stabilization Trust (CAST) is a nonprofit real estate development and holding company strictly for the arts. CAST creates long-term/permanent solutions to acquire, develop, and manage affordable, safe spaces for arts and culture organizations in San Francisco and Oakland. In 2019, CAST became the owners of the historical 10,200 sq. ft. Dempster Building, located at 447 Minna Street, at the center of a mixed-use development site in San Francisco’s South of Market neighborhood. In 2020 SFCIF provided a new market tax credit allocation of $8.007 million to CAST to help fund the transformation of 447 Minna into a community arts and cultural hub.

MAP

Address: 447 Minna Street, San Francisco, CA 94103

Census Tract: 6075017602

Other California Projects

Vermont & Manchester

Los Angeles,
CA
(2022)

Nonprofit Hub, Schools

CDE(s): Chase, Genesis LA CDE, Los Angeles Development Fund, TELACU

Located at the Northeast corner of Vermont and Manchester in South Central Los Angeles, Evermont (Vermont and Manchester) is a transformational, 160,000 sq. ft., mixed-use development that will directly address

Vallarta Van Nuys Supermarket

Van Nuys,
CA
(2020)

Adult Education, College or Vocational Training, Community, Grocery and Fresh Food, Historic Rehabilitation, Retail, Retail and Commercial

CDE(s): Local Initiatives Support Corporation, Los Angeles Development Fund, TELACU

Funding for the Vallarta Van Nuys project was used for the substantial rehabilitation of the property to transform the 124,000 sq. ft. parcel of land into a 40,000 sq.

Richmond Oil House/Rosie the Riveter Visitor Center

Richmond,
CA
(2011)

CDE(s): Bank of America

NMTC and HTC financing for Rosie the Riveter visitor center to be operated by the National Park Service at the historic Ford Plant at Point Richmond. The Visitor Center embraces

Union Rescue Mission

Los Angeles,
CA
(2020)

Community, Daycare and Early Childhood, Dental Services, Healthcare, Housing, Mixed-use, Nonprofit Hub, Shelters and Community Food, Youth and Families

CDE(s): Genesis LA CDE, Los Angeles Development Fund, Wells Fargo

With homelessness in Los Angeles continuing to rise at alarming rates, community development financial institution Genesis LA partnered with service provider Union Rescue Mission to construct a new 74,866 square