United Shore Declines Brownfield Tax Breaks on New HQ

Sep 28, 2018

United Wholesale Mortgage (UWM), operating under parent company United Shore Financial Services, has announced that it will return $1.9 million in brownfield tax breaks that it received for its new $85 million, 600,000-square-foot headquarters in Pontiac, Mich.

According to a Detroit News report, the company moved its 2,700 employees to the new headquarters in June from its previous central offices in Troy, Mich. The company made its decision to decline the tax breaks based on a study of soil treatments and environmental evaluations at the Pontiac site.

“If we were going to spend this $85 million and not a penny different, why take money from the city, county or state or anyone,” said United Shore CEO Mat Ishbia. “That money can be used for better things. They weren’t asking us to do above and beyond, and therefore it wasn’t our money.”

The company’s decision surprised the government agencies in Oakland County, Mich., where United Shore is now based.

“It has never happened in the history of the brownfield authority,” said Irene Spanos, Director of Economic Development and Community Affairs. “That’s wonderful that it can be offered to services to our local taxpayers."

About the author

Phil Hall

Link copied

Published

Sep 28, 2018

Industry News

Bank On Borrowers, Not Rate Predictions

Chasing rate forecasts wastes resources better spent on cold, hard business

Lenders and loan originators who listened to and relied on economists’ predictions hoped that lower rates would materialize all through 2023. Their disappointment carried through until September of 2024, when the Federal Reserve cut interest rates for the first time in four ...

Analysis and Data

Mortgage Credit Nosedives In November

Lackluster investor interest and industry consolidation are taking their toll on the market's liquidity

Mortgage credit declined sharply in November, with government indices reaching their lowest levels since 2012 according to updated figures from the Mortgage Bankers Association (MBA). Falling 3.3% to 95.9, November marks the fifth consecutive month of declines in the MBA’...