Baron of the Republic of Aquitaine & Knight Investments LLC review Recovery Act for Native Americans

Aug. 17, 2009 - PRLog -- Knight Investments LLC commented on a recent visit to an Anchorage, Alaska community today, where the U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced that HUD is awarding 61 grants, totaling $132 million, to Native American and Native Alaskan communities across the country to improve housing and stimulate community development.

Knight Investments LLC officials focused on the announcement which came during an independent affiliate of the company visiting to the Mountain View community in Anchorage, which has received Recovery Act funding. The Secretary was joined by U.S. Senator Mark Begich (D-AK), Anchorage Mayor Dan Sullivan, and other local elected and housing officials separate of the affiliate visits to also better understand the area.

The Indian Community Development Block Grant (ICDBG) and Native American Housing Block Grant (NAHBG)funds being awarded today are provided through the American Recovery and Reinvestment Act (Recovery Act). Knight Investments LLC Officials applauded the reason of these funds which would help Native American tribes improve the quality of their housing stock, develop viable communities, promote energy efficiency and create jobs.

"I am proud to announce today that, thanks to the Recovery Act, HUD has invested a half billion dollars in Native American and Alaskan communities across the country, including communities right here in the beautiful State of Alaska," said Secretary Donovan. "As I have seen firsthand today, these funds are already at work in some of the hardest hit communities, creating jobs and revitalizing neighborhoods."

KI Officials noted earlier this year how HUD allocated an additional $255 million in Recovery Act funding to nearly 600 eligible tribes and tribal housing entities. The Officials at Knight Investments LLC confirmed that the funding is already being put to work to improve Indian housing. The total Recovery Act investment for housing and community development in Indian Country is nearly $510 million, which includes the formula and competitive awards.

The grants announced earlier were awarded competitively from two programs, which are awarding grants on a rolling basis:

The Native American Housing Block Grant (NAHBG): $242,250,000 is available for Indian tribes or tribal organizations representing tribes that are eligible to receive Native American Housing Assistance and Self-Determination Act (NAHASDA) funds. These funds can be used to build new housing and purchase land to support new housing construction. They also can be used to rehabilitate existing housing, including large-scale improvements such as new roofs, plumbing and electrical systems to increase energy efficiency. The funding can build infrastructure, including roads and water and sewers facilities, to create suitable living environments. Priority is given to applicants that demonstrate an ability to obligate and expend the funds quickly.

Indian Community Development Block Grant (ICDBG): $10 million is available for Indian tribes or tribal organizations representing tribes that received an ICDBG grant in Fiscal Year 2008. These funds can be used to encourage economic development, including establishing a wide variety of commercial, industrial and agricultural projects. Priority is given to applicants that create job opportunities that will bring economic recovery to tribal communities; and to promote energy efficiency in their projects.

The Recovery Act includes $13.61 billion for projects and programs administered by HUD, nearly 75 percent of which was allocated to state and local recipients only eight days after President Obama signed the Act into law. The remaining 25 percent of funds, including the grants announced today, are currently being awarded through an ongoing competitive grant process which Knight Investements LLC Officials, along with the Baron of the Republic of Aquitaine, stated would be important.

# # #

Knight Investments LLC works as a private equity firm to invest personal funds on the behalf and promotion of a vibrant community, low income housing, humanitarian causes, renewable energies, real estate developments, and project financing.