Cash Incentive Programs Continue to Lure Professionals to Detroit

By Veronica Grecu, Associate Editor Live Midtown, a cash incentive program that encourages employees of Henry Ford Health System, the Detroit Medical Center and Wayne State University to buy or rent in Detroit, proved to be so popular that it will [...]

Live Midtown, a cash incentive program that encourages employees of Henry Ford Health System, the Detroit Medical Center and Wayne State University to buy or rent in Detroit, proved to be so popular that it will run for four more years. The announcement was made by Anchor Strategy Manager for Midtown Detroit’s Edward Potas, exactly one year after the program kicked off officially. The incentives include a $20,000 forgivable loan for a home acquisition, $5,000 in matching funds for home renovations and up to $3,500 for new renters.

As reported by The Detroit News, 256 employees who bought, rented for the first time or renewed leases in Detroit took advantage of $1.2 million in cash incentives during 2011. The demand was so high that the program ran out of cash in August and applications were no longer accepted. Potential Detroiters can already apply for this year’s incentives.

A similar cash incentive program called Challenge Detroit was announced last week by The Collaborative Group, a non-profit based in Birmingham. According to The Detroit News, the program will pay 30 innovative leaders across the United States to live and work in Detroit for one year. The participants will receive a $30,000 salary plus health benefits to work at one of the top companies in the region, such as Strategic Staffing Solutions or DTE. They will also benefit from a $500 housing stipend paid on a monthly basis and, after the program ends, they could be hired by the companies. The candidates can send their applications until March 16 and the 30 selected leaders will start working in Detroit in August 2012.