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Artspace Projects Inc. applied for the tax credits to help finance the $9.3 million project. Project organizers knew there was a chance they would not receive the funding, and will apply again in July.
Projects are rarely selected for this type of funding on their first application, Artspace officials told the Business Report earlier this month.
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The majority of the project cost comes from the construction of low-income residential housing on the lot adjacent to the historic Feed and Grain. The price tag for the development is $8.1 million. So far, $2.5 million has been secured, according to Andrew Commers of Artspace. The tax credits would make up $5.2 million over nine years.
The remaining $1.2 million is needed for the stabilization process for the Feed and Grain building, which will ultimately house creative space for artists to work.
The Housing Finance Authority has about $10 million in tax credits available this year. Eight projects were given $7 million in this round of financing. Applications for the next round will be accepted in July.
To read more about the Artspace project, click here.