Investing in Knoxville

Published: 11/23/2009 9:14:00 AM

On Feb. 13, 2009, Congress passed the American Recovery and Investment Act of 2009.

On Feb. 13, 2009, Congress passed the American Recovery and Reinvestment Act of 2009 in response to the economic crisis. The Act has three immediate goals:

• Create new jobs and save existing ones;
• Spur economic activity and invest in long-term economic growth; and
• Foster unprecedented levels of accountability and transparency in government spending.

The nation’s housing authorities were among the first to receive stimulus money, and it was disbursed with the directive to spend it as quickly as possible.

When KCDC received $7.5 million to improve public housing, we were more than happy to put those dollars to work as quickly as possible. We currently have contracts in place for more than 50% of the funds received, and the remaining funds will be under contract no later than March 2010.

We worked quickly, but we were careful to make good decisions that will have lasting value for KCDC residents and the people of Knoxville.

A large portion of the money will go to redesigning Montgomery Village. We look forward to transforming this community like we have several others.
Other funds are going toward replacing roofs, upgrading elevators, painting, and improvements to make our housing more environmentally efficient. Our residents will enjoy better looking accommodations and lower utility bills.

Another big plus to these stimulus dollars – they’ve already allowed us to save or create 66.5 jobs. Certainly good news in these trying economic times.

KCDC’s mission is to improve and transform neighborhoods and communities by providing quality affordable housing, advancing development initiatives and fostering self-sufficiency. For more information, call (865) 403-1100 or visit http://www.kcdc.org.