Incentive programs intended to bring employees of major local organizations to central Detroit.
Expected to be announced on July 23, 2011. Modeled after Live Midtown, the program will include subsidies for buying or renting downtown to employees of DTE Energy, Compuware, Quicken Loans, Blue Cross Blue Shield of Michigan and Strategic Staffing Solutions.
The incentive plans:
- New renters receive a $2,500 allowance of funding toward the cost of their apartment in the first year followed by additional funding of $1,000.00 for the second year.
- Existing renters receive a $1,000 allowance of funding for renewing a lease in 2011.
- New homeowners receive a $20,000 forgivable loan toward the purchase of their primary residence if taken one-time, OR $25,000 at the rate of $5,000 per year if taken over 5 years.
- Existing homeowners receive matching funds of up to $5,000 for exterior improvements for projects of $10,000 or more.
- To the North: Alley directly North of Philadelphia Street
- To the East: Interstate 75
- To the South: Mack Avenue/Martin Luther King, Jr. Boulevard
- To the Southwest: Grand River Avenue
- To the West: Rosa Parks Boulevard
- Cash incentives for employees to live downtown coming soon, Dan Gilbert says. Free Press. 22 June 2011.
- Downtown incentives coming. Free Press. 22 July 2011.