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as documented within the past five years:
a. Living within the service area of the neighborhood of the project.
b. A YouthBuild participant.
What is a Section 3 Business Concern?
A business concern meeting at least one of the following criteria, documented within the
last six-month period:
It is at least 51% owned and controlled by low- or very low-income persons;
. Over 75% of the labor hours performed for the business over the prior three-month
period are performed by Section 3 workers; or
3. Itis a business at least 51% owned and controlled by current public housing residents
or residents who currently live in Section 8-assisted housing,
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Additionally,
The business must be legally formed according to state law and be licensed in
Virginia. Additional documentation may be requested to demonstrate the business has the
capacity to perform the contract successfully under the terms and conditions of the
proposed contract.
What type of Economic Opportunities may be available under Section 3?
Employment opportunities
. Training opportunities
3. Business Opportunities
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Who will provide the Economic Opportunities?
Recipients of HUD financial assistance and their contractors and subcontractors are
expected to develop a Section 3 plan to assure that economic opportunities to the greatest
extent feasible are provided to low and very low-income persons and to qualified
Sections 3 businesses.
What is a Section 3 Project?
Section 3 projects are housing rehabilitation, housing construction, and other public
construction projects assisted under HUD programs that provide housing and community
development financial assistance when the total amount of assistance to the project
exceeds a threshold of $200,000. The threshold is $100,000 where the assistance is from
the Lead Hazard Control and Healthy Homes programs. The project is the site or sites !
together with any building[s] and improvements located on the site(s) that are under i
common ownership, management, and financing. '
Financial Operations, IC & RA Review Initial:
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