Financing/Incentives

A*R*T*S Oil City

Oil City Arts Revitalization * Artist Relocation Support Program

Area Artists Financing/ Relocation Incentives City Profile Properties

Relocation Incentives

1. 100% fixed-rate financing up to $150K on live-work space is available through First National Bank for working artists moving into the 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 residence is available through Venango County Affordable Housing*

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

4. Properties in the Historic District are 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 space will be available at $5.88/square foot/year, 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.

* income guidelines apply

~ Rehab loan funding level contingent on availability of funds