President Donald Trump is seeking to create jobs in Maryland, but it’s not clear how the Trump administration would pay for it.
Trump’s plan to boost job growth in Maryland could be covered under a plan from Republican lawmakers that includes $2 billion for a new tax credit for low- and moderate-income homeowners to help them pay for mortgage modifications and repairs.
The plan also would boost the minimum wage to $15 an hour and provide up to $2,000 in grants for low and moderate income homeowners to repair their homes.
The Maryland Housing Development Authority says the program could bring $1 billion in federal funding to the state’s housing market.
That would make up for a $7 billion reduction in state funding that Trump has requested from Congress and the Obama administration.
Trump announced plans for the $2.2 billion Maryland program in January.
A $1.5 billion loan for home maintenance, repairs and repairs is in the pipeline.
It would be part of a package of financial assistance for low income homeowners and would be administered by the Maryland Housing Finance Authority.
It’s not yet clear how that money would be paid for.
The Housing Finance Agency estimates the state will need to raise about $20 billion in tax revenue this year to pay for the programs.
The state’s share of the federal stimulus funds that President Barack Obama awarded to states in 2011 will not be paid into until 2019.
Maryland has also received $3 billion in aid from the federal government to help with mortgage modifications.