ARTS Oil City

Oil City Arts Revitalization * Artist Relocation Program

Home      Area Artists    Financing/ Relocation Incentives      City Profile   Properties
   
Relocation Incentives

ARTS Oil City's Artist Relocation program is a homeownership model.  All Residential-2 properties in Oil City are now zoned for live-work-gallery space, as long as 50% of items sold are created by the artist on the premises.  The following incentives apply to purchases of residential or commercial property in Oil City.

 1.  100% fixed-rate financing up to $150K on the purchase of residential live-work space is available through First National Bank for working artists relocating into the Oil City Arts District.  Click here for a map of the designated Arts District.

-         includes costs of rehab by third-party contractors

-         includes adjacent lot purchase where appropriate

            -    waives mortgage insurance*

 2.  $7,500 toward down payment/closing costs on a residential property is available through Venango County Affordable Housing*

 3.  $500 grant and $5,000 loan @ 1% for façade improvements are available for commercial properties.

 4.  Properties in the Historic District may be eligible for tax breaks.

 5.  Commercial properties along the Route 8 and 62 corridors are eligible for state-funded rehab loans~

 6.  LERTA tax abatement is available for rehab of commercial properties.

 7.  Downtown studio workspace is available at $0.49/square foot/month, first three months rent free.

 8.  Non-profit downtown art gallery offers a 75/25 consignment agreement.

 9.  Shared gallery space is currently under development.

* If you find a property outside the Arts District, this may be useful.  Moderate income guidelines apply.  Program will again be available starting July, 2008 for as long as funds last..

~  Rehab loan funding level contingent on availability of funds