By Sherri Begin | Crain’s Detroit Business
Midtown Detroit’s three anchor employers, the state and a Detroit-based foundation are funding $1.2 million in incentives to encourage employees of the three anchor employers to live in the area.
The Detroit Medical Center, Henry Ford Health System and Wayne State University announced today the “Live Midtown” incentive program for their nearly 30,000 collective employees. The program is designed to entice those living there to stay and those not living in Midtown to move there.
The Michigan State Housing Development Authority and the Hudson-Webber Foundation are matching the anchor employers’ first-year investment, bringing the total to $1.2 million for this year.
In a release, the organizations said the Troy-based Kresge Foundation also plans to provide some investment for the pilot project, with the anchor employers continuing funding in subsequent years.
The University Cultural Center Association will administer the housing incentive program for the three employers.
As rolled out, the incentives include:
• 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.
For more information, visit www.livemidtown.org.