Detroit Housing Market Receives Extra Help From Local Companies
- Jul 28, 2011
The U.S. Department of Housing and Urban Development (HUD) agreed to remove Detroit from the “troubled designation list” where it had been since 2005. The decision was taken based on the recommendations offered by members of the Recovery and Prevention Corp and the Minneapolis Office of Public Housing members after their visit to Detroit back in May to conduct a Section Eight Management Assessment Program (SEMAP) Confirmatory Review of the commission’s Housing Choice Voucher (HCV) Program. As reported by WXYZ, the staff members found that the city has earned a “standard performer designation” so it should be taken off the list. Quoted by the news site, Detroit Housing Commission’s Executive Director Eugene Jones said that all the issues that were identified in 2005 have been solved and the Detroit Housing Commission will continue to move forward as a high performer.
With the housing status improving in the area, five companies are ready to provide financial incentives for employees to live in downtown Detroit and the surrounding neighborhoods, informs The Detroit News. Quicken Loans Inc., Compuware Corp., Blue Cross Blue Shield of Michigan, Strategic Staffing Solutions and DTE Energy will offer approximately $4 million over five years to employees who wish to relocate downtown or to the Corktown, Eastern Market, Lafayette Park, Midtown and Woobridge areas. According to the newspaper, employees can receive up to $20,000 if they want to purchase a home and up to $3,500 if they decide to rent an apartment in the areas listed in the Live Downtown program.
Live Downtown was built on the same pillars as the Live Midtown incentive program which was created in January for 30,000 employees of the Detroit Medical Center, Henry Ford Health System and Wayne State University who were helped to buy and rent homes in the New Center, Midtown, Virginia Park and Woodbridge neighborhoods. According to The Detroit News, the administrative costs for Live Downtown will be covered by the Hudson-Webber Foundation which will contribute about $140,000.