Festival International de Louisiane Inc. is getting a new home.

The non-profit organization responsible for throwing Lafayette’s free annual springtime music and arts festival is buying the former Greyhound bus station at 315 Lee Ave. for its permanent home.

The board of the Lafayette Public Trust Financing Authority, which purchased the building and property for $599,000, authorized the sale. The LPTFA is paying to have the interior of the building gutted and rebuilt to the festival’s specifications.

FIL will pay the LPTFA $550,000 for the property to be paid as a $550,000 credit sale loan from LPTFA to FIL with $400,000 of the loan payable in equal monthly payments for 15 years.

Starting with the 11th year of the loan, the LPTFA every year will convert $30,000 of the principal of the loan to a grant to FIL for a total grant of $150,000 over five years.

The LPTFA is keeping part of the property facing Cypress Street for future development, Chairman John Arceneaux said.