A 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.
The program, dubbed “Make Detroit Home,” 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.
The initiative offers stipends of up to $15,000 to help cover home down payments, renovations, rent or business expenses, according to Realtor.com.
Additional applicants may qualify for $1,000 grants to offset moving costs, security deposits and expenses such as gym memberships or meal services.
“This stipend is a clear signal that Detroit is serious about competing for residents and the data backs up why it’s an attractive proposition,” Hannah Jones, Realtor.com senior economic research analyst, told FOX Business in an email.
“Detroit 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.”
Jones added that pairing that purchasing power with the city’s growing momentum could help drive “household formation and long-term market stability.”
The “Make Detroit Home” initiative marks the first major effort from the MoveDetroit coalition, a nonprofit launched last month with backing from local organizations and the mayor’s office.
Billionaire businessman and Rocket Mortgage founder Dan Gilbert is the honorary chair of the group.
“For too long, we’ve 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,” Gilbert said. “At our largest universities, we are losing nearly half our graduates. But today, we’re flipping that equation.”
Gilbert pointed to Detroit’s growing roster of major employers, including Google and Fifth Third Bank, as part of the city’s appeal.
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.
“Detroit is a place where you build, grow, and win,” Gilbert said. “This 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.”
