Detroit Companies Offering Its Employees Money To Live In The City
Detroit, much like Buffalo, has struggled as a city since the country has moved away from an industrial economy. But they may just be on to something as a handful of companies who are based in Detroit are offering monetary incentives to some of their employees to live in the city.
It's a five year program called simply "Live Downtown" and it's creating a buzz in the motor city.
Here's how it works:
- First time homeowners will receive up to $20,000 in forgiveable loans toward the purchase of a home or condo downtown
- Renters would receive $2500 towards the first year's rent and $1000 for the second
- Previous city dwellers can apply for matching funds up to $5000 for renovations valued at $10,000 or more.
Seems like a win-win to me. The company gets employees who are more accessible to the workplace and it encourages growth in the city. What would it take for someone in Buffalo to come up with something like this?