In a move that solidifies their commitment to the city of Detroit, Business Leaders for Michigan members Blue Cross Blue Shield of Michigan, DTE Energy Co., Quicken Loans Inc. and Strategic Staffing Solutions, in coordination with Compuware Corp., recently joined Mayor Dave Bing to announce more than $4 million dollars in loans and rent subsidies to encourage their employees to live in downtown Detroit. Nearly 16,000 employees from the five companies are eligible.
Already, employees are clamoring to apply for the incentives. Each of these businesses has based its headquarters in Detroit, demonstrating their dedication to the city. Enticing their employees to remain downtown after 5 p.m. is a phenomenal next step in continuing the momentum of economic investment in Detroit.
The five-year program, Live Downtown, allows first-time home buyers a $20,000 forgivable loan. New renters can receive a $2,500 allowance for their first year and $1,000 allowance for the following year. Current renters are eligible for a $1,000 lease renewal, and employees who already own a home in the city can receive matching funds for exterior home improvement projects up to $5,000.
Neighborhoods eligible for the program are: Corktown, Downtown, Eastern Market, Lafeyette Park, Midtown and Woodbridge. Increasing the population density at the city’s core is crucial to strengthening the city of Detroit. The investments by Blue Cross Blue Shield of Michigan, DTE Energy Co., Quicken Loans Inc., Strategic Staffing Solutions, and Compuware Corp. will help to create a downtown that is not only workable, but also livable.
For more information, visit www.detroitlivedowntown.org.