Michigan Statewide Recovery Presentation
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Transcript of Michigan Statewide Recovery Presentation
![Page 1: Michigan Statewide Recovery Presentation](https://reader035.fdocuments.us/reader035/viewer/2022081403/5549a063b4c9050c738b4e2d/html5/thumbnails/1.jpg)
A Recovery Update for Michigan’s CitizensGovernor Jennifer M. Granholm
March, 2009
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 2
The American Recovery and Reinvestment 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 • http://michigan.gov/recovery 3
Michigan’s Economic Plan is 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 • http://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?
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 5
The 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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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 6
Protecting Families
• $400 tax cut for workersearning less than $75,000 ($800 if filing jointly)
• $5,657 Earned Income Tax credit (was $5,028) for families of 3 or morechildren making up to $40,000/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 • http://michigan.gov/recovery 7
Helping Jobless Workers
• Unemployment eligibility extended by up to 13 weeks (maximum of 72 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 – 1.3 million Michigan families currently rely on Food
Assistance
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 8
Education & 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 – Over 61,000
participants statewide since 2007
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 9
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 • http://michigan.gov/recovery 10
Weatherization & 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 – $243 million for Michigan; 30,000 homes
• Energy Efficient Improvement Tax Credits – will triple maximum credit from $500 to $1,500
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 11
Providing Health Care
• Pays for 65% of continued health coverage for citizens who have lost their jobs (COBRA)
• Significant Medicaid funding boost– 1.6 million Michigan citizens rely on Medicaid health
coverage• Over $9 million for Michigan
health clinics• $6.4 million for Michigan hospitals
that serve large numbers of low-income patients
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 12
Protecting Home Ownership
• Home Affordable Refinance Program– Provides access to low-cost refinancing– For homeowners with Freddie 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 $729,750
Find out more at michigan.gov/mshdaor 866-946-7432
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 13
Investing in Public Safety
• $67 million to fund additional police officers and fight crime
• $4.5 million for child support enforcement in Michigan
• $7.8 million for Michigan Army National Guard facility upgrades
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 14
Roads & Infrastructure
• $873 million for statewide road and bridge projects, creating 25,000 jobs
• Over 843 lane miles will see improvements
• $135 million for public transit• Possible Chicago – Detroit
high speed rail corridor
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Michigan Recovery and Reinvestment Plan • http://michigan.gov/recovery 15
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
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