Section 3 Final Rule Slides from 4.20.2021 Presentation.pdf

The document discusses Section 3 of the Housing and Urban Development Act of 1968, which aims to direct economic opportunities to low- and very low-income individuals and businesses receiving government housing assistance. It explains how the new Section 3 Final Rule, effective from November 30th, 2020, focuses on sustainable employment outcomes, reduces regulatory burden, and sets benchmarks for success. The rule requires tracking labor hours performed by low-income individuals rather than new hires. It emphasizes sustained employment for residents of public housing properties converting through RAD, with priority given to employment opportunities. The document outlines reporting requirements, contract provisions, benchmarks, and best practices for compliance with Section 3 regulations. Enforcement actions may be taken for non-compliance, and resources such as the Section 3 Opportunity Portal are available to assist in connecting funding recipients, businesses, and workers.