The Rainin Arts
Real Estate Strategy

  1. Westside Dance, an organization that presents live modern dance performances and offers arts education, is faced with a rent increase.

  2. path-holding

    Westside Dance contacts the Real Estate Holding Company and is considered as a possible partner.

    path-assesment
    Westside Dance undergoes a capacity assessment.
  3. building

    Deemed a solid candidate, Westside Dance works with the Real Estate Holding Company to identify an appropriate facility to buy.

  4. path-plans

    Once a facility is identified, the Community Development Financial Institution (CDFI) and the Real Estate Holding Company work with Westside Dance to collect build-out or renovation estimates, and arrive at a final cost.

    path-cdfi
    The CDFI packages the project along with other projects, and submits it for the Federal New Market Tax Credits program as part of the financing package it can offer the arts organizations.
  5. path-city

    The City may become involved in issues such as: negotiating easements, considering properties for enterprise zones; applying economic development funds to the project; or facilitating the sale of air rights.

  6. path-financing_1

    When the entire financing package is approved, the Real Estate Holding Company works with Westside Dance on the details of its financial package.

  7. path-home

    Westside Dance Company has an affordable, permanent home and activates the neighborhood through community engagement.

    path-campaign

    1-7 years

    Over the course of seven years, Westside Dance implements a capital campaign and pays below market monthly payments to the Real Estate Holding Company while establishing equity.

    path-equity

    7-10 years

    At the end of seven to ten years, Westside Dance will have purchased the property at the original sale price and own a permanent home. The Real Estate Holding Company then recycles previously encumbered funds to buy the next property for an arts organization.

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