The evening features comedy, drama, and music for a lot less than most theatrical productions in Los Angeles.
All five plays were written by the festival's founder, Kosmond Russell.
"I refer to it as New York-style theatre in Hollywood at [President Barack] Obama stimulus package pricing," he said. "We all have come together collectively, in one unit, to do something historic in this town."
"It's just a great vehicle for everyone out there to see new talent, old talent - such as myself - get up there and do our thing and just have a blast," said actress and director Aloma Wright.
"The Star Maker" is about Joe Jackson, the patriarch of the Jackson family. It paints a positive picture about a man whose press hasn't always been so rosy.
"It's only the playwright's take," said actor John Wesley.
For stage veteran Dawnn Lewis, the verdict on this festival is in.
"It's all in the spirit of bringing live theatre here and keeping it alive in Los Angeles," she said. "I'm really honored and thrilled to be a part of it."
The team will move out of its rehearsal space soon and into the Barnsdall Gallery Theatre in Hollywood.
The festival runs Thursday through Sunday.