Artspace lofts for artists getting second chance in Downtown El Paso
Affordable housing for artists in Downtown El Paso is getting a second chance.
On Tuesday, El Paso City council approved giving Artspace a boost in it’s quest to get federal tax credits.
The El Paso Community Foundation is trying to build 51 lofts for artists in the heart of Downtown El Paso.
Artspace is fighting for federal tax credits to fund about 70 percent of the $10 million project.
“What we’re glad to be able to offer is an added community benefit. A neighborhood building around the arts. especially, in a time when our downtown is going to see rising residential and rising real estate values,” said Eric Pearson, interim president of the El Paso Community Foundation. “We are going to be able to protect folks who tend to be pioneers and are the only people who would really populate Downtown without these amenities.”
The state of Texas awards the federal credits to projects that earn about 130 points for meeting certain criteria.
Tuesday, City Council awarded Artspace about 30 points for community support.
That gives it a competitive edge against other projects competing at a state level. City Council also gave its support to five other low income housing projects.
