A Recovery Update for Michigan’s Citizens Governor Jennifer M. Granholm April 22, 2009
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Transcript of A Recovery Update for Michigan’s Citizens Governor Jennifer M. Granholm April 22, 2009
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A Recovery Update for Michigan’s Citizens
Governor Jennifer M. GranholmApril 22, 2009
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 2
The American Recovery and The American Recovery and Reinvestment Act (ARRA) of 2009Reinvestment Act (ARRA) of 2009
• President Obama signs the Recovery Act on February 17, 2009
• The largest investment increase in America’s roads, bridges and mass transit in 50 years
• The most significant expansion in tax cuts for low and moderate income households ever
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 3
Michigan’s Economic Plan Michigan’s Economic Plan is in Placeis in Place
Our plan aligns perfectly with President Obama’s goals: Create jobs and
diversify our economy Educate and train our
students and workers Protect our citizens
during tough times
The Recovery Act will accelerate our plan
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 4
Visit michigan.gov/recovery often for grant applications and the latest updates!
• Through existing programs
• Competitive grants• Tax cuts
How Will the Funds Come to Us?How Will the Funds Come to Us?
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 5
The Impact for MichiganThe Impact for Michigan
What does the Recovery Act mean for me?
• Total estimated benefit for Michigan: $18 billion
• Funding available for existing programs: about $7 billion
• Will create or save 109,000 jobs over the next two years
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Protecting FamiliesProtecting Families• $400 tax cut for workers
earning less than $75,000 ($800 if filing jointly)
• $5,657 Earned Income Tax Credit (increase of $629) for families with 3 or more children making up to $43,250/yr
• $1,000 per-child tax credit for families making more than $3,000/yr (minimum was $12,550)
• $250 payment to seniors and people with disabilities• First-time Home Buyer Tax Credit increased from
$7,500 to $8,000
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 7
Helping Jobless WorkersHelping Jobless Workers
• Unemployment eligibility extended by up to 20 weeks (maximum of 79 weeks)
• $25 per week increase in unemployment benefits• Increase in Food Assistance - for example, about $80
more per month for a family of four making less than $40,000 – 9,353 people in Hamtramck currently receive Food Assistance– 7,504 people in Highland Park– 399,269 people in Wayne County
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 8
Education & Training for CitizensEducation & Training for Citizens
• American Opportunity Tax Credit – up to $2,500 of college expenses will be tax deductible
• Pell Grants – maximum award for low income students will increase from $4,850 to $5,350 this fall
In addition…• No Worker Left Behind – More than 61,000
participants statewide since 2007
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Helping Schools Helping Schools
• $2.2 billion statewide for:– Special education– Programs for at-risk students– Mitigating budget cuts
• $20 million for Head Start
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 10
Weatherization & Energy ConservationWeatherization & Energy Conservation
• Weatherization Assistance – a family of four making less than $44,000 can receive up to $6,500 for upgrades that save money on energy – $5.6 million in Hamtramck and Highland Park; over
1,000 homes– $33.6 million in Wayne County; 4,382 homes
• Energy Efficient Improvement Tax Credits – will triple maximum credit from $500 to $1,500
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Providing Health CareProviding Health Care
• Pays for 65% of continued health coverage for citizens who have lost their jobs (COBRA)
• Significant Medicaid funding boost – 20,788 now enrolled in Hamtramck
– 14,214 now enrolled in Highland Park
– 462,500 now enrolled in Wayne County• $1.3 million for Western Wayne
Family Health Center– Will serve 5,000 more people
and create 52 jobs• $1.2 million for community health
centers in Detroit
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 12
Protecting Home OwnershipProtecting Home Ownership
• Home Affordable Refinance Program– Provides access to low-cost refinancing– For homeowners with Fannie Mae or
Freddie Mac loans whose home valueshave dropped
– Homeowners must be current on mortgage payments• Home Affordable Modification Program
– Can reduce mortgage payments to make them more affordable
– For mortgages up to $729,750Find out more at michigan.gov/mshda
or 866-946-7432
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Strengthening NeighborhoodsStrengthening Neighborhoods
• Public Housing Modernization and Development– $1.4 million for the Hamtramck Housing Commission– $323,000 for the Highland Park Housing Commission– $17.2 million for the Detroit Housing Commission
In addition…• The City of Hamtramck was awarded $140,000 in Cities
of Promise funds to demolish 35 unsafe homes in 2009• Former Woody Pontiac site cleared to make way for new
DHS regional office
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Investing in Public SafetyInvesting in Public Safety
• Michigan law enforcement agencies are eligible for $67 million to fight crime– Hamtramck: $156,000– Highland Park: $75,000– Wayne County: $94,000– Detroit: $10.5 million
• $4.4 million for child support enforcement in Michigan
• U.S. Army Detroit Arsenal (Warren): $3.9 million for restoration and modernization
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Roads & InfrastructureRoads & Infrastructure
For Hamtramck and Highland Park:• $19 million in Recovery Act funding for work on M-8
(Davison Freeway) - will create 527 jobs• $655,000 for I-75 bridge rehab and
fencing through Hamtramck• $850,000 for other state-funded road
projectsFor Wayne County:• $370 million in Recovery Act-funded
projects; 10,293 jobs• Possible Chicago - Detroit - Pontiac
high speed rail corridor
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Strength Through DiversityStrength Through Diversity
• Disadvantaged Business Enterprise (DBE) Program– Certifies small businesses owned and controlled by minorities,
women and other socially and economically disadvantaged persons
– Statewide goal of 10.5% of federal transportation funds for DBE-certified firms
• Road Construction Apprenticeship Readiness (RCAR) Program– Free 8-week fast track program– Targets women, minorities and economically-disadvantaged
individuals– 58% of 2008 graduates have already found placements
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Michigan Recovery and Reinvestment Plan • michigan.gov/recovery 17
Helping Michigan BusinessesHelping Michigan Businesses
• Bonus Depreciation Extended– Businesses can immediately write off 50 percent of capital
expenditures as a deduction against current income – a $1.1 billion tax savings in the first year
• 5-Year Carryback of Net Operating Losses for Small Businesses– $165 million in tax savings in the first year
• Deferral of Certain Income from Cancellation of Debt– $120 million in tax savings in the first year
• Expanded Small Business Expensing– $36 million in tax savings for Michigan
businesses in the first year
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On the Web…On the Web…
• White House Recovery Portal: http://recovery.gov
• State of Michigan Recovery Portal:http://michigan.gov/recovery
• Michigan Community Service Commission:http://michigan.gov/mcsc
• United Way for Southeast Michigan:http://uwsem.org
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