“It’s a city center with a small-town feel.”
That’s the way the promotional arm of a Detroit development consortium describes the Motor City’s downtown. Many residents might not see their neighborhoods in that context, but a new program launched Monday aims to change that.
Despite losing 25 percent of its population over the past decade, Detroit has seen an uptick in young, college graduates living downtown.
As part of an effort to attract more residents and rebuild Detroit’s core, five of the city’s key employers announced a joint initiative that provides employees with cash incentives to move downtown and maintain their homes. More than 16,000 employees from Blue Cross Blue Shield of Michigan, DTE Energy, Compuware, Quicken Loans and Strategic Staffing Solutions are eligible for the Live Downtown initiative.
Neighborhoods eligible for the program include Corktown, Downtown, Eastern Market, Lafayette Park and Midtown. Overall, approximately $4 million will be available over a five-year period. A variety of incentive plans are available, including $20,000 loans for new homeowners purchasing a primary residence and $2,500 for new renters. Existing homeowners can receive as much as $5,000 for exterior improvement projects of $10,000 or more.