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NVMG News NAEG: Federal Government Releases Hundreds of Millions in Block Grants For Tribal Housing

FOREST HILLS, N.Y.--(BUSINESS WIRE)--Native American Energy Group, Inc. (the "Company" or "NAEG") (OTC Pink Sheets: NVMG) - Today, NAEG releases news regarding matters that concern the availability of safe, decent and affordable housing for Native people around the country. On Oct 10, 2006, the Company announced it had entered into a Joint Venture and License Agreement with homebuilder, Eurowest Panel Homes Ltd. of Alberta, Canada to build safe, efficient, affordable housing using the Eurowest Panel Home Technology within the territory that includes all 562 Native American Indian Tribes and all federally recognized Native American reservations in the United States, as well as, the non-tribal lands in the following states: Montana, Wyoming, North Dakota, South Dakota, Idaho, Oregon and Washington in order to assist in fulfilling the housing shortage needs in Indian Country that has created an immediate demand of over 200,000 homes.

Hundreds of millions of dollars in housing block grant awards for tribal housing were released in July 2006 following a federal judge's ruling, however, in a move that could have jeopardized efforts to provide affordable housing on reservations nationwide, the federal Department of Housing and Urban Development (HUD) had temporarily frozen about half of the $600-million plus housing block grant program. Block grants comprise the bulk of the money used by tribal housing programs. HUD’s plan to freeze tribal housing grant funds came after a May 25 order by U.S. District Judge, Richard Matsch, District of Colorado, declaring that the Department of Housing and Urban Development had been unfairly determining federal appropriations for Indian housing block grants. This prompted HUD to respond to the court ruling by deciding to withhold all undistributed 2006 block grant funds to nearly 200 tribes around the country. A solution was reached, however, and HUD did resume processing the 2006 Indian Housing Block Grant awards before causing too much harm, thankfully, at a time when waiting lists of 500 people or more may exist for tribal housing. The block grant funding is desperately needed by the tribes, and once received, the tribes and housing authorities have about two years to spend the money.

A more in-depth report on this matter can be viewed in the following news articles:

“HUD releases block grants for tribal housing” By JODI RAVE of the Missoulian - July 9, 2006: 

http://www.missoulian.com/articles/2006/07/09/jodirave/rave9.txt

“Small tribes affected most by freeze of HUD funds,” June 30, 2006:

http://www.indianz.com/News/2006/014736.asp

“Feds plan to freeze tribal housing grant funds”- June 29, 2006 By JODI RAVE of the Missoulian:

http://www.missoulian.com/articles/2006/06/29/jodirave/rave15.txt

Safe Harbor Statement: This News Release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities & Exchange Act of 1934, as amended, with respect to corporate objectives, projections, estimates, operations, acquisition and development of various interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.