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New Market Tax Credit Program

Oakland School of the Arts
Oakland, CA 
$11,000,000

www.oakarts.org

In a community plagued by an unemployment rate 1.5 times the national average, the Oakland School of the Arts (OSA) renovation of Oakland's historic Fox Theatre represents a significant milestone in mixed-use neighborhood revitalization.

In collaboration with the Bank of America's Community Development Corporation, the City of Oakland Redevelopment Agency and The National Trust for Historic Preservation, the project revived this landmark for both community and school use. The entire $65 million project "twinned" historic tax credits for the renovation of the Fox Theatre and CSDC's NMTCs for development of the school facility.

The reopened 3,800 seat Fox Theatre and ground floor restaurant became the anchor for revitalization of the City's entertainment district, and the 500-seat OSA performance space provide an excellent example of synergistic community redevelopment. Prior to CSDC's involvement, OSA was operating out of modular buildings behind the Fox Theatre, which had been condemned as uninhabitable.

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Copyright 2011