Mayor Ruberto and the Pittsfield Department of Community Development are pleased to announce a new partnership with Berkshire Creative’s “Assets for Artists” program. This partnership will help two artists buy homes in Pittsfield and an additional eight artists start new or expand existing art businesses in the City. “Assets for Artist is a valuable program with a proven track record of success. The City of Pittsfield is pleased to partner with this program to strengthen homeownership and business opportunities for Pittsfield artists.” said Mayor Ruberto.
Assets for Artists program provides business and financial training, technical assistance, homebuyer education and grant support through an innovative “matched savings account” model serving low- to moderate-income artists, designers, craftspeople and performers in the Berkshires, helping them grow their creative enterprises and achieve more financial security. The City contribution of $26,600 in federal Community Development Block Grant (CDBG) funds will provide match funds specifically for existing Pittsfield-based artists who enroll in the program, or artists who choose to move to Pittsfield from outside the City.
The Assets for Artist Program, a collaboration between Berkshire Creative, the City of Pittsfield, MCLA’s Berkshire Cultural Resource Center, and MASS MoCA, is directed by Blair Benjamin, MASS MoCA’s Director of Real Estate & Community Development and a board member of Berkshire Creative. “With CDBG funds from the City of Pittsfield, we are able to give Pittsfield artists a greater likelihood of attaining their homeownership and small business investment goals and further enhance the solid reputation of Pittsfield as a community that provides exceptional opportunities for artists to thrive and contribute to the local economy” Benjamin said.
Once enrolled, participating artists save $2,000 of their own funds, which are deposited over a 6 to 30 month period into a restricted savings account. After a minimum of six months, provided they have saved the required funds and completed the required financial and business education or homeownership classes, participants can draw down a $2,000 match from Assets for Artists for business-related investments, or a $4,000 match toward the purchase of a first home.
Helena Fruscio, the Director of Berkshire Creative, praised the City’s efforts and went on to say “The community as a whole will benefit from this partnership by increasing homeownership and creativity in its urban neighborhoods, and attracting new creative entrepreneurs to the City.”
Homeownership funds may be used for down payment assistance and closing costs. Small business participants may use the funds to make a direct payment to vendors or service providers following the budget established as part of an approved business plan.
Additional support for the program is provided by the Berkshire Bank Foundation, Citizens Bank Foundation, Massachusetts Cultural Council, and Massachusetts Department of Housing & Community Development.
For further information on the program, please contact the City’s Department of Community Development at 413-499-9368.
