Common use of Economic Opportunities Clause in Contracts

Economic Opportunities. The GRRP Loan constitutes housing and community development assistance pursuant to Section 3 of the Housing and Urban Development of 1968 (12 U.S.C. § 1701u) (“Section 3”). Accordingly, all GRRP Loans meeting the applicable recipient thresholds shall be subject to the Section 3 requirements applicable to the housing and community development activities as set forth in Section 3, subsections(c)(2) and (d)(2) and the regulations derived from such provisions at 24 CFR Part 75 or successor part. The Owner is required to maintain documentation to demonstrate compliance with the regulations and shall report Section 3 compliance at the time of the Completion Certifications.

Economic Opportunities. The GRRP Loan Grant constitutes housing and community development assistance pursuant to Section 3 of the Housing and Urban Development of 1968 (12 U.S.C. § 1701u) (“Section 3”). Accordingly, all GRRP Loans Grants meeting the applicable recipient thresholds shall be subject to the Section 3 requirements applicable to the housing and community development activities as set forth in Section 3, subsections(c)(2) and (d)(2) and the regulations derived from such provisions at 24 CFR Part 75 or successor part. The Owner is required to maintain documentation to demonstrate compliance with the regulations and shall report Section 3 compliance at the time of the Completion Certifications.