\n<\/aside>\nA Detroit coalition is rolling out cash incentives of up to $15,000 to attract new residents and retain current ones, as part of a broader push to spur economic growth in the city.<\/p>\n
The program, dubbed \u201cMake Detroit Home,\u201d will award more than $500,000 in benefits to over 300 participants, according to the MoveDetroit coalition, which launched the program. These include entrepreneurs, creatives, and small business owners, as well as current residents, former Detroiters and newcomers willing to relocate.<\/p>\n
The initiative offers stipends of up to $15,000 to help cover home down payments, renovations, rent or business expenses, according to Realtor.com.<\/p>\n
Additional applicants may qualify for $1,000 grants to offset moving costs, security deposits and expenses such as gym memberships or meal services.<\/p>\n
\u201cThis stipend is a clear signal that Detroit is serious about competing for residents and the data backs up why it\u2019s an attractive proposition,\u201d Hannah Jones, Realtor.com senior economic research analyst, told FOX Business in an email.<\/p>\nThe initiative offers stipends of up to $15,000 to help cover home down payments, renovations, rent or business expenses. LightRocket via Getty Images<\/span><\/figcaption><\/figure>\n\u201cDetroit consistently ranks among the most affordable major metros in the country, where a $15,000 incentive can realistically cover a down payment or fund a meaningful renovation, rather than barely scratching the surface as it might in higher-cost markets.\u201d<\/p>\n
Jones added that pairing that purchasing power with the city\u2019s growing momentum could help drive \u201chousehold formation and long-term market stability.\u201d<\/p>\n
The \u201cMake Detroit Home\u201d initiative marks the first major effort from the MoveDetroit coalition, a nonprofit launched last month with backing from local organizations and the mayor\u2019s office.<\/p>\nThe \u201cMake Detroit Home\u201d initiative marks the first major effort from the MoveDetroit coalition. Los Angeles Times via Getty Images<\/span><\/figcaption><\/figure>\nBillionaire businessman and Rocket Mortgage founder Dan Gilbert is the honorary chair of the group.<\/p>\n
\u201cFor too long, we\u2019ve been educating some of the most talented young people in the country, only to watch them leave to places like New York City, Atlanta, California, Seattle, Miami, and elsewhere,\u201d Gilbert said. \u201cAt our largest universities, we are losing nearly half our graduates. But today, we\u2019re flipping that equation.\u201d<\/p>\n
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\n\t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/h3>\n \n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
\n\t\t\t\t\t\tThanks for signing up!\t\t\t\t\t<\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n Gilbert pointed to Detroit\u2019s growing roster of major employers, including Google and Fifth Third Bank, as part of the city\u2019s appeal.<\/p>\n
The initiative is privately funded, with MoveDetroit aiming to raise $10 million this year. Gilbert has pledged to match every dollar raised, according to Realtor.com.<\/p>\n
\u201cDetroit is a place where you build, grow, and win,\u201d Gilbert said. \u201cThis city has the grit and assets to compete with anywhere in the country for talent. People are choosing Detroit for its culture, energy and opportunity. MoveDetroit is about numerous organizations coming together to double down, ensuring that Detroit accelerates its growth even further.\u201d<\/p>\n<\/p><\/div>\n
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