Section 3 Business Concern

About section 3 the section 3 program requires that recipients of certain hud financial assistance to the greatest extent possible provide training employment contracting and other economic opportunities to low and very low income persons especially recipients of government assistance for housing and to businesses that provide economic opportunities to low and very low income persons.

Section 3 business concern. The purpose of cha s section 3 field office is to serve section 3 residents and section 3 business concerns by providing the resources and tools needed for economic development neighborhood economic improvement and individual self sufficiency. The section 3 business registry is a listing of firms that have self certified that they meet one of the regulatory definitions of a section 3 business and are included in a searchable online database that can be used by agencies that receive hud funds developers contractors and others to facilitate the award of certain hud funded contracts. That are fifty one percent 51 or more owned by section 3 residents.

That is at least 51 or more owned by section 3 residents or whose permanent full time employees include persons at least 30 of whom are currently section 3 residents or within 3. The purpose of section 3 is to ensure that preference for employment training and contracting opportunities generated from the expenditure of certain hud funds is directed to local low and very low income persons particularly those who receive federal housing assistance and businesses that are owned by or substantially employ such persons. It is a means by which hud fosters local economic development neighborhood economic improvement and individual self sufficiency.

Section 3 is a provision of the housing and urban development act of 1968. Contractors shall direct their efforts to award section 3 covered contracts to the greatest extent feasible to section 3 business concerns in the order of priority provided in 24 cfr 135 36. That provides evidence of a commitment to subcontract in excess of 25.

Under section 3 of the hud act of 1968 wherever hud financial assistance is expended for housing or community development to the greatest extent feasible economic opportunities will be given to section. For more information about section 3 business concerns please refer to 24 cfr 135 5. Whose permanent full time employees include persons at least thirty percent 30 of whom are currently section 3.

These are business concerns. Section 3 is a provision of the housing and urban development hud act of 1968 that helps foster local economic development neighborhood economic improvement and individual self sufficiency. That provides evidence of a commitment to subcontract in excess of twenty five.

A section 3 business concern is a business.