The $787 billion federal stimulus plan signed on Tuesday has given state and local officials dealing with the fallout from the current economic downturn cause for optimism.

In an announcement yesterday morning to the Greater Boston Chamber of Commerce, Massachusetts Gov. Deval L. Patrick ’78 said that the stimulus package will give the state $6 to $9 billion over the next two years.

Throughout the state, towns and cities have submitted thousands of shovel-ready projects—immediately actionable proposals—in the hopes of receiving funding from the stimulus package, and Cambridge was no different.

According to City Councillor Craig A. Kelley, Cambridge has a large list of projects that require funding—including street work, sewer reconstruction, and a renovation of Cambridge Rindge and Latin High School.

Cambridge budget director David J. Kale said that the financial stimulus will “take pressure off local revenues” since projects will be able to move forward without drawing from city dollars.

Around Cambridge, various organizations that have suffered during the economic downturn expressed the hope that the stimulus plan would lessen their financial problems.

The Cambridge Housing Authority—which has been coping with underfunding from both state and federal sources—is now expecting a “significant increase in federal capital funds” that will allow it to tackle roughly $230 million in capital projects, said Executive Director Gregory P. Russ.

Though no specific figures have been released, Russ estimated that the funding for the Housing Authority will be doubled this year to about $7 million, with the opportunity for even more money if the organization applies for competitive funds for green building projects.

The Cambridge Health Alliance, a network of local health institutions, is also expected to benefit from the stimulus, said spokesman David Cecere, who added that his organization was still assessing the detail’s of the bill’s impact.

In January, the Health Alliance announced a “major strategic and reconfiguration initiative” to cope with financial difficulties.

The federal stimulus package will give Massachusetts anywhere from $1.7 to $3.1 billion in Medicaid funding, according to various reports.

This comes as positive news to the Boston Medical Center, a “safety net” hospital that serves many Medicaid-eligible patients.

Director of Communications Ellen Berlin said that she was “cautiously optimistic” about receiving more funding, and that she hoped that the BMC would be “paid more fairly” for the services it provides.

On the state level, Massachusetts will benefit from funding for infrastructure improvements, including $300 million for mass transit; affordable housing projects; and education aid. In addition, the stimulus package will provide residents with tax cuts, low-income housing, medical care, and education funding.

The plan also may create or save an estimated 79,000 jobs in the state, according to a report released earlier this week by the Obama administration.

–Staff writer Liyun Jin can be reached at ljin@fas.harvard.edu.