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September 16, 2011

Deutsche Bank supports ArtPlace projects as a tool for economic recovery

Deutsche Bank, in partnership with a consortium of foundations, financial service firms, and federal agencies, has recently pledged its support to an innovative project called ArtPlace. Chaired by the National Endowment for the Arts, ArtPlace is a national initiative that aims to incorporate artists and art communities into transportation, housing, local development and job creation as a means of economic recovery.

The projects stretch across the country and rely on grant funding provided by the consortium of participating members. Examples of ArtPlace projects include the transformation of abandoned parking lots and vacant warehouses in San Francisco into artist workshops and cultural event spaces and the conversion of an old public school in East Harlem, New York into an affordable housing facility for artists and their families. Each project is selected by an independent review board after a request for proposal is made.

Gary Hattem, President, Deutsche Bank Americas Foundation remarked, “ArtPlace reinvents the way economic development has historically been structured.  These projects are advancing an entirely new model of helping communities thrive by integrating artists into the local business community in a unique and effective way.” 
                                                                    
Funds committed to ArtPlace are overseen by the Nonprofit Finance Fund and made possible, in part, through a combined USD 12 million loan fund provided by six financial institutions including Deutsche Bank, Bank of America, Citi, Chase, MetLife and Morgan Stanley.

The Bank’s partnership with the National Endowment for the Arts and ArtPlace was recently recognized in The New York Times. To view the article in full, click here.

For more information on ArtPlace, click here.

For more information on the Deutsche Bank Americas Foundation, click here.



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