Fast Company - For artists, the gentrification cycle in cities often goes something like this: struggling photographers or painters or writers move into an industrial neighborhood with cheaper rents and transform it. As new businesses spring up to serve these new residents, the neighborhood becomes more desirable to a wider swath of upper-middle class professionals. Eventually, rents increase so much that the artists have to move away.
In Indianapolis, one block in the Garfield Park neighborhood south of the city’s downtown is experimenting with a different model. An arts nonprofit worked with other partners to buy and renovate vacant houses and is now offering to co-own them with artists. Artists will pay half the cost–one $80,000 home, for example, will sell for around $40,000. If they later move out, they’ll get their equity back, but no more; the house will be sold at the same cost to someone else, keeping the neighborhood accessible as the artists help make it more desirable.
“Neither of the two sides can profit off of an inflated market value,” says Jim Walker, executive director of Big Car Collaborative, the art and placemaking nonprofit leading the project along with the local Riley Area Development Corporation and local neighborhood associations.