CBS Detroit, July 25, 2011
Employees of five downtown-based companies are being given financial incentives to live where they work.
DTE Energy’s Paul Hillegonds says the trend is already there, with a number of young professionals and creative types hanging their hat in downtown Detroit lofts and apartments.
“We have a number of probably empty-nesters, but also a number of retirements ahead with younger people who will be coming to work in Detroit at DTE headquarters,” Hillegonds told WWJ Newsradio 950′s Ron Dewey.
“And I think we’re going to see growing interest in living in Detroit,” he said.
Blue Cross is offering incentives to their 16,000 employees to buy or rent downtown and surrounding neighborhoods. It’s a seed program to attract more development and more people to the city.
In the five-year, $4 million “Live Downtown” program, first-time home buyers will get a $20,000 forgivable loan. Renters will get a $2,500 first year allowance, and $1,000 the following year. Employees who already own a home in the city will be given up to a $5,000 grant for exterior improvements.
Other companies taking part are Compuware, Quicken Loans and Strategic Staffing Solutions.