The Ford (NYSE: F) foundation has announced plans to create and support new art facilities across the country in a new plan called the Supporting Diverse Art Spaces Initiative.
Ford’s foundation plans on donating more than $100 million to construct, maintain and enhance art facilities over the next decade. The new initiative is the single largest commitment that the foundation has ever made toward the development of facilities for the arts. Through the program, Ford hopes to encourage the construction of affordable housing for artists near these spaces and to spur economic development in surrounding areas.
Ford awarded its first grand under the new program to Artspace Projects, a group based out of Minneapolis, MN that builds mixed-use developments clustered around affordable housing for artists. The organization received a $1 million grant from the foundation.
