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Financing
ARTS Oil City's Artist Relocation program is a home-ownership model.
All Residential-2 Zone properties in Oil City are now zoned by ordinance for
live-work-gallery space,
as long as 50% of items sold
are created by the artist
on the premises. (In-home businesses must be approved by the Oil City
Zoning Board).
The following incentives apply to purchases of residential or commercial
property in Oil City.
Residential
Financing Incentives
1.
100% fixed-rate financing* of 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 (R-2 zoned properties).
Financing is
contingent on peer review of artwork and mortgage pre-qualification by First
National Bank.
At least nine work samples and a brief but specific business plan are required for
peer review
prior to application.
-- includes adjacent lot purchase and
demolition where appropriate
-- includes rehab costs by third-party contractors
-- waives mortgage insurance
2. $5,000 toward down payment/closing costs on a
residential property is available through
Venango County
Affordable Housing.
If you find a property outside the Arts District, this may be useful.
First-time homebuyer and moderate income guidelines apply.
Program
available for as long as funds last.
Commercial
Financing Incentives
3. $500 grant and $5,000 loan @ 1% for façade
improvements are available for commercial properties.
4. Commercial properties along the Route 8 and 62
corridors are eligible for state-funded rehab loans.
Rehab loans are through a revolving loan fund. Funding level contingent on
availability of funds
5.
LERTA tax abatement
is available for rehab of commercial properties.
6. Downtown studio workspace is available at
$0.49/square foot/month.
7. Non-profit downtown art galleries offer a 65/35 commission agreement.
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