Live Midtown Incentives on WXYZ Channel 7 – Detroit2020

There’s a new program aimed at enticing people to move to Midtown and keep those already living there.

The Detroit Medical Center, Henry Ford Health System and Wayne State University are announcing a “Live Midtown” program for their employees.

The DMC, HFHS and WSU are the three largest employers in Midtown.

Each will invest funding during the first year of the program.  The investment will be matched by the Hudson-Webber Foundation and the Michigan State Housing Development Authority. The Kresge Foundation plans to provide additional support.

Willys Overland Lofts - Qualifying Live Midtown Development

Incentives include:

• $2,500 allowance for new renters toward the cost of their apartment in the first year followed by an additional funding of $1,000 for the second year
• $1,000 allowance for existing renters who are renewing a lease in 2011
• $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 exterior home improvement matching funds; for projects of $10,000 or more for existing homeowners

The incentives are only available to employees of the three anchor institutions, DMC, HFHS and WSU. To qualify for the incentives, housing units must be located within the  boundaries, which includes New Center, Midtown, Virginia Park and Woodbridge neighborhoods.