Major US city offers cash incentives to spark growth, attract newcomers

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 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.