Renaissance Zones were former Govenor John Engler's plan to spur economic revival of targeted areas in the state of Michigan. Four specific areas in Benton Harbor, St. Joseph, and Benton Charter Township have been designated as Renaissance Zones. Businesses and residents locating in these areas will be exempt from state and local taxes for up to 10 years. These taxes will be phased back in during the last three years in 25% increments.

The Renaissance Development Fund promotes business development, employment, and housing opportunities that benefit low-income populations throughout Michigan's Great Southwest by providing business and housing development funds through loans and other means. The Fund is not in competition with private sector financial institutions. Renaissance Development Fund loan categories include: commercial micro loan, commercial/industrial loan, IRP Revolving Loan, Neighborhood Venture Development Loan, Arts Investment Fund Mortgage Loan, and Arts Investment Fund Construction/Rehabilitation Loan.

For more please visit Cornerstone Alliance Website.