Economic Equity Goals Achieved

Home Forward met or surpassed its economic equity goals over the last fiscal year.  The results were presented to the agency's Board of Commissioners at their October 2013 meeting.

The agency's economic equity policy establishes a 20% aspirational goal for participation of target businesses in the agency's contracting.  Target businesses are defined as those certified by the state of Oregon as minority-owned, women-owned or emerging small businesses or Section 3 businesses.  Section 3 businesses provide jobs to low and very low-income persons. Part of the HUD Act of 1968, Section 3 compels housing agencies to ensure that employment, training, contracting and other economic opportunities generated by HUD financial assistance benefit low and very-low income persons and businesses that employ them.

Highlights from the report include:

  • Minority-owned, women-owned and emerging small businesses received 43% or $15.6 million of the $36.2 million the agency contracted.
  • At the agency's Stephens Creek Crossing redevelopment, 42% or 12 of the project's 28 new hires were Section 3 residents and 33.7% of $18.5 million in construction activity went to Section 3 certified businesses.*
  • More than 80% of Home Forward's new hires were Section 3 residents, and the agency provided training to 29 Section 3 residents via internships or other business programs.*

Click here to read or download the full report.

 

*Section 3 statistics are based on the federal fiscal year ended September 30, 2012.

 

October 18, 2013