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A Detroit coalition is giving away up to $15,000 in grants to attract new residents and retain current ones, as part of a broader campaign to boost the city’s economic growth.
The program, called “Make Detroit Home,” will award more than $500,000 in benefits to more than 300 participants, according to the MoveDetroit coalition, which launched the program. These include entrepreneurs, innovators, and small business owners, as well as current residents, former Detroiters and newcomers willing to relocate.
The program provides up to $15,000 in cash to help cover home payments, remodeling, rent or business expenses, according to Realtor.com.
Additional applicants may be eligible for $1,000 grants to offset travel expenses, security deposits and expenses such as gym memberships or food services.
Aerial view of downtown Detroit, Michigan. (iStock / Stock)
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“This acquisition is a clear sign that Detroit is serious about competing for residents and the data supports why it’s an attractive proposition,” Hannah Jones, senior economic research analyst for Realtor.com, told FOX Business via email.
“Detroit consistently ranks among the most affordable large municipalities in the country, where a $15,000 incentive can cover a down payment or fund a reasonable repair, rather than just scratching the surface as it might in more expensive markets.”
Jones added that pairing that purchasing power with the city’s growing momentum could help drive “housing growth and long-term market stability.”
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Billionaire businessman Dan Gilbert speaks during a press conference on May 21, 2019, in Independence, Ohio. (Jason Miller/Getty Images)
The “Make Detroit Home” initiative marks the first major effort from the MoveDetroit coalition, a nonprofit launched last month with the support of local organizations and the mayor’s office.
Billionaire entrepreneur and Rocket Mortgage founder Dan Gilbert is the group’s honorary chairman.
“We have been teaching talented young people in the country for a long time, but we are watching them go to places like New York City, Atlanta, California, Seattle, Miami and other places,” said Gilbert. “In our big universities, we are losing about half of our students. But today, we are changing that statistic.”
Gilbert pointed to Detroit’s growing list of major employers, including Google and Fifth Third Bank, as part of the city’s appeal.
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A Google office building in Detroit, Michigan on September 27, 2019. (Raymond Boyd/Getty Images)
The program is privately funded, and MoveDetroit aims to raise $10 million this year. Gilbert has promised to match every dollar raised, according to Realtor.com.
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“Detroit is a place where you build, grow, and thrive,” Gilbert said. “This city has the challenges and assets to compete with anywhere in the country for talent. People choose Detroit for its culture, energy and opportunity. MoveDetroit is about many organizations coming together to double down, ensuring that Detroit accelerates its growth even further.”
