Move to Midtown Incentive Program Heats Up

An incentive program for Detroit Medical Center, Henry Ford Health System and Wayne State University employees is gaining steam. It has been reported 42 employees are in the pre-approval process for incentives to rent or purchase a home in Detroit's Midtown neighborhood. It is a program designed to bring and/or keep urban professionals in Detroit, near their employers. The University Cultural Center Association runs the program.

Incentives include:

From Detroit Crain's Business January 13, 2011

• A $2,500 allowance for new renters, to go toward the cost of their apartment in the first year, followed by $1,000 for the second year.

• A $1,000 allowance for existing renters who are renewing a lease in 2011.

• A $20,000 forgivable loan toward the purchase of a primary residence, if taken at one time, or $25,000 at the rate of $5,000 per year if taken over five years.

• $5,000 in exterior home-improvement matching funds to existing home owners for projects costing $10,000 or more.

To qualify for the incentives, housing units must be within the New Center, Midtown, Virginia Park or Woodbridge neighborhoods.

The program is open only to employees of the three anchor companies.

Propoents of the program claim similar incentives have stimulated urban renewal in other cities