Robin Pogrebin has a story in the NY Times today announcing a new public/private program under the leadership of Rocco Landesman, the chairman of the National Endowment for the Arts:

Mr. Landesman helped to hatch the program just over a year ago with Luis A. Ubiñas, the president of the Ford Foundation, who is serving as the chairman of the ArtPlace Presidents Council.

“We need to communicate that the arts are as important as ever, that they can’t be left behind, that they can’t be dropped to the cutting-room floor,” Mr. Ubiñas said. “Too many people think of the arts as luxuries, as jewels, things that may not be necessary in times of need, things that can be put off. The arts are inherently valuable, and they’re also part of what’s going to get us out of this economic problem we’re in.” […]

The federal partners besides the National Endowment are the departments of Housing and Urban Development, Health and Human Services, Agriculture, Education, and Transportation, along with the White House’s Office of Management and Budget and its Domestic Policy Council.

While they do not provide financing, the federal agencies participate in the ArtPlace Presidents Council and its operating committee meetings.

The $12 million loan fund is being supplied by Bank of America, Citibank, Deutsche Bank, Chase, MetLife and Morgan Stanley.  The amount of the average grant is about $350,000.

Consortium Views Arts as Engines of Recovery (New York Times)