Why Don’t We Live Together
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Artists’ housing cooperatives have proved to be welcome additions in other cities like Minneapolis, Baltimore, and Seattle, despite some concerns that artists might not have the financial wherewithal to keep them going. But Saint Paul arts consultant Jan Plimpton published a study last year that dispels many of these doubts. In her report, Plimpton noted that nonpayment of rent is rare in cooperatives: an average of only one tenant is evicted each year from properties that have been operating for five to ten years. Plimpton also found that turnovers in cooperatives are far less frequent than in buildings of comparable size.
Acme project director Laura Weathered says she wants to keep the total number of artist residents at 17 for now to allow for the possible creation of larger duplex units when construction begins early next year. The Near Northwest Arts Council and the Community TV Network are already scheduled to occupy spaces in the new facility. Initially, each tenant will pay $3,000 to become a shareholder in the building. That will give the tenant the tax benefits available to any property owner, though the mortgage on the Acme building will technically be held by a corporation comprising all the building residents. Any shareholder wanting to get out of the project will have to sell his share back to the corporation. If he leaves after five years or less, his share will only fetch the $3,000 he originally paid. If he stays longer, he’ll get $3,000 plus 7 percent annual interest. Individual monthly payments will vary from $300 to $700 for apartments ranging in size from 900 to 2,000 square feet; the average will be $574 a month, according to Weathered.
