Correction appended: In an earlier version of this story, the position of Regent Olivia Maynard that administrators should make sure not to get too involved in the student controlled process of finding space for the Michigan Review was incorrectly attributed to Regent Andrea Newman.

University Provost Teresa Sullivan told the Board of Regents at its monthy meeting yesterday that several key federal initiatives would help students with the cost of attending the University next year.

The first initiative, the American Recovery and Reinvestment Act of 2009, would provide a $2,500 tax credit on 2009-2010 and 2010-2011 tuition payments for individuals earning less than $80,000 or joint filers earning less than $160,000. Sullivan estimated that more than 22,000 families with students at the University would qualify for the tax credit.

Sullivan also told the regents that an increase to the Federal Pell Grant Program would benefit between 3,200 and 3,300 students at the University’s Ann Arbor campus. The announced increase will raise the maximum Pell Grant to $5,350 — an increase of $619.

Sullivan said the increase would give the University nearly $2 million in financial aid to reallocate to other students, as the increased Pell Grants would mean a smaller contribution from the University to meet demonstrated financial need of in-state students.

However, in an interview after the meeting, Sullivan admitted that if tuition is raised by more than $619 next year, the $2 million would likely not be able to be reallocated, as it would be needed to help the students it currently serves.

An increase in work study funding will also help students, Sullivan said. According to Sullivan’s presentation, the Federal Work Study program will increase the University’s work study funding by $1.6 million, which will provide an estimated 440 additional student jobs during the 2009-2010 academic year.

Regents approve $70 million in construction and renovations

The regents approved nearly $70 million in construction and renovation proposals to upgrade University housing, parking and academic facilities.

The largest of the three projects, a proposed renovation to Couzens Hall, will cost the University approximately $49 million to complete. The project will renovate the building’s 180,000 square feet beginning in May 2010 and is expected to be completed in time for the fall 2011 term.

Improvements to the building are slated to include air conditioning and wireless Internet access for the entire building, renovation of the building’s bathrooms, utility and safety upgrades and modifications that allow for greater building accessibility. Due to the renovations, the building will be closed for the 2010-2011 academic year.

Though Couzens will need close for the year, University President Mary Sue Coleman said North Quad — scheduled to open in time for the 2010-2011 academic year — will offset the loss of housing due to the renovations.