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NYS Homes and Community Renewal Office of Finance and Development Final Payment Document Checklist Site Address: SHARE ID #: Awardee/Owner: Date Submitted: Are there DCR/HFC monies unexpended at the
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Section 3 - economic refers to a part of regulations that targets economic opportunities and employment for low- and very low-income persons in connection with federal housing programs.
Entities that receive federal assistance for housing and urban development projects are required to file section 3 - economic, including contractors and subcontractors involved in such projects.
To fill out section 3 - economic, recipients must provide information about the number of new hires, employment and training opportunities created, and how they plan to comply with the section 3 requirements to provide economic benefits to targeted populations.
The purpose of section 3 - economic is to promote local economic development, target job training, and increase employment opportunities for low- and very low-income individuals in the communities affected by federal housing assistance.
Information that must be reported includes the number of new hires, the demographics of those hired, actions taken to advise eligible residents about job opportunities, and the outcomes of training programs.
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