SYDNEY.- City of Sydney Council has approved an Accommodation Grant for the Riley Street Depot in Woolloomooloo to become a new artist studio space.

The three year accommodation grant has been awarded to Firstdraft Inc, Sydney's longest running non-profit artist collective. The City will work closely with Firstdraft to activate the new artist studio space as soon as possible, with a program likely to include artist residencies, workshops, exhibitions, markets and open studio days.

Lord Mayor Clover Moore MP said: "Providing space for art in the inner city is vital to Sydney as a global city and cultural capital. Encouraging creative industries and cultural activity has social and economic benefits for Sydney, and is all part of our vision for Sustainable Sydney 2030."

"The City invests significantly in cultural activity through a grants program, providing significantly more space for community organisations than any other Council in NSW," Ms Moore said.

On Monday night Council also approved an Accommodation Grant for use of the Cook and Philip community room by Catholic Care Sydney's Alive Program, which provides assistance to highly disadvantaged homeless youth.

City of Sydney's Accommodation Grants Program currently supports 68 organisations in 47 buildings and is worth over two million dollars in revenue forgone.

Fifteen of those organisations are arts based including PACT Youth Theatre, Gallery 4A, Tom Bass Sculpture School Studio, and Darlinghurst Theatre Company.