Detroit— Five Detroit companies today announced the creation of Live Downtown, a new program that will provide financial incentives for employees to live in downtown Detroit and surrounding neighborhoods.
Quicken Loans Inc., Compuware Corp., Blue Cross Blue Shield of Michigan, Strategic Staffing Solutions and DTE Energy Co. said in a statement they will give financial incentives to their collective 16,000 part-time and full-time employees to buy homes and rent apartments in downtown, Corktown, Eastern Market, Lafayette Park, Midtown and Woodbridge neighborhoods.
The more than $4 million program was announced at a news conference here at the Inside Detroit tour company's welcome center.
"This program will help to create the density that Detroit's downtown needs," Detroit Mayor Dave Bing said today.
The incentives for employees of the five companies are nearly identical to what is being offered as part of Live Midtown — a financial incentive program that kicked off early this year and is available to employees of the Detroit Medical Center, Henry Ford Health System and Wayne State University — and include:
-- People buying homes would receive a $20,000 forgivable loan, paid over a certain number of years, toward the purchase of a primary residence.
-- Existing homeowners in the neighborhoods can receive matching funds up to $5,000 for exterior property improvements of $10,000 or more.
-- New renters will receive $2,500 toward the cost of an apartment in the first year, followed by $1,000 a second year.
-- Existing renters will receive $1,000 in those neighborhoods for renewing a lease in 2011.
"We expect this Live Downtown (program) will be just as well received" as Live Midtown, said David Blaszkiewicz, president and CEO of the Downtown Detroit Parternship.
Quicken Loans founder and Chairman Dan Gilbert last month said the online mortgage company was exploring the idea, while Blue Cross and Compuware also previously said they were looking into incentives.
The Live Midtown program, announced in January, earmarked about $1.2 million for more than 30,000 employees of DMC, Henry Ford Health System and Wayne State to buy a house, rent an apartment or improve a home's exterior in the New Center, Midtown, Virginia Park and Woodbridge neighborhoods. Funding for that program came from the three institutions — each chipping in $200,000 — and with matching funds coming from the Hudson-Webber Foundation, the Kresge Foundation and the Michigan State Housing Development Authority.
At least 165 people have received Live Midtown rental incentives, while 15 have received incentives for home purchases.
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