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Get the free FEDERAL SECTION 3 BUSINESS REPORTING (Form 5) - dupageco

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(CDC) FORM 5 Rev.06/13/2016. FEDERAL SECTION 3 BUSINESS REPORTING (Form 5). (To be completed by business owners — General Contractor ...
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Who needs federal section 3 business?

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Individuals or businesses seeking opportunities in federally funded projects or contracts.
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Businesses owned by low-income individuals or residing in areas with high unemployment rates.
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Organizations aiming to promote economic and workforce development in disadvantaged communities.
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Contractors and subcontractors involved in projects that receive federal funding.
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Entities looking to fulfill the requirements set by federal agencies for providing economic opportunities to low-income individuals and areas.
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Federal section 3 business refers to a requirement under the US Housing and Urban Development (HUD) regulations that encourages economic opportunities for low-income individuals and businesses in connection with projects funded with certain federal assistance.
Recipients of federal funding for housing and community development projects are required to comply with federal section 3 business requirements.
To fill out federal section 3 business, recipients of federal funding need to collect and report information on the employment and contracting opportunities provided to low-income individuals and businesses in connection with their projects.
The purpose of federal section 3 business is to promote economic opportunities for low-income individuals and businesses, helping them to access employment and contracting opportunities generated by projects funded with federal assistance.
Information that must be reported on federal section 3 business includes the number of low-income individuals employed, the number of contracts awarded to low-income businesses, and the efforts made to comply with section 3 requirements.
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