While many Americans have heard about Section 8, so very few have heard about Section 3!
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. The Section 3 program requires that recipients of certain HUD financial assistance, to the greatest extent feasible, provide job training, employment, and contracting opportunities for low- or very-low-income residents in connection with projects and activities in their neighborhoods.
Section 3 requirements apply to approximately 5,000 recipients of HUD funding (such as Public Housing Authorities, State and local government agencies, low-income housing providers, etc.) and their sub-recipients and contractors. Up to 40% of HUD's annual budget is subject to Section 3 requirements.
To this end, we are in the beginning phases of the Wealthfair Tour. This tour is our "National Scavenger Hunt" to locate the $18.9 billion in federal opportunities for low-income people through HUD's Section 3 program. Over the course of this three year WEALTHFAIR Tour, we will visit the poorest public housing communities in 300 of America's most prosperous cities in order to:
- Reignite Family Self-Sufficiency (FSS) programs
- Establish & Re-establish New Resident Councils
- Advocate for Real and Lasting Policy Change, and
- Establish New Businesses for Under-Resourced Entrepreneurs
We hope that you will join us in this fight for Wealth and Equality for all. Because everyone deserves the same advantage and our entrepreneurs deserve a fair shot!