With auto production and sales down, many jobs have left the Detroit area, and many housing prices in the core are in the 4 figure range.
Now, 5 businesses in Detroit have decided to do something about this and encourage incentivize their employees to move back into the downtown area and begin revitalizing it.
These 5 companies account for about 20,000 workers - a significant number. They are Quicken Loans (1,700), Compuware (1,880), Blue Cross Blue Shield of Michigan (6,000 by the end of next year), Strategic Staffing Solutions (1,800), and DTE Energy (9,000).
The plan - "Live Downtown" - will provide incentives for existing and new renters to help with their lease, new home buyers for downpayment and purchase assistance, and existing residents to make improvements to the exteriors of their homes.
The incentices are substantial: $20,000 forgivable loan toward the purchase of a primary residence, $5,000 as a matching grant for exterior improvements for existing residents, and $1,000 for renters renewing a lease. Any of their employees who move into the city as renters would be awarded $2,500 towards the first year's lease and $1,000 for the second year.
This is a very positive step for a neighborhood that needs it, and it's coming from business rather than government.
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Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.
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