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$1.5M HUD grant slated for off B'way theaters.

The Alliance of Resident Theatres/New York (A.R.T./N.Y.), the membership organization representing New York's 144 nonprofit theatre companies; Congressman Bill Green (R-NY); and the New York City Economic Development Corporation simultaneously announced a $1.5 million Special Purpose Grant from the U.S. Department of Housing and Urban Development (H.U.D.) for the acquisition and renovation of nonprofit theatre spaces in the five boroughs.

The announcement was made at an 11:15 a.m. press conference at the Samuel Beckett Theatre, 410 West 42nd Street, on Theatre Row.

The $1.5 million will be available to the 144 member theatres of A.R.T./N.Y. in the form of a low-interest revolving loan fund. The fund will be administered by the New York City Economic Development Corporation (E.D.C.), the not-for-profit financial and economic development arm of New York City and the Nonprofit Facilities Fund.

This nonprofit revolving loan fund will enable many A.R.T./N.Y. theatre companies that can afford to rent, but not to renovate, to convert a space into a theatre.

Additionally, capital improvements can be made on currently held spaces if the lease terms are favorable. Theatre companies will be able to address the issues of code compliance and handicapped accessibility, making more spaces appropriate for theatrical use.

This same fund can be used by A.R.T./N.Y. member theatre companies to leverage larger
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Title Annotation:$1.5 million; Housing and Urban Development; Off-Broadway theaters in New York, New York
Publication:Real Estate Weekly
Date:Nov 4, 1992
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