What is Section 3?
Section 3 is a state requirement that required developers to hire local Section 3 residents or Section 3 business concerns on their projects. They have goals that a percentage of the overall contract price be awarded to Section 3 business concerns and that any employees at start of work not already employed, 30% of those new hires be Section 3 residents.
Section 3 is defined by the area around where the project is located. A business can be a Section 3 business concern in one city but not get credit while working in another city unless they qualify in that other city as well.
Section 3 projects have monthly reporting requirements and strict rules to follow throughout the project duration. Cross Accounting Solutions (CAS) specializes in assisting any contractor on a Section 3 project. Whether you are a general contractor, owner/developer or subcontractor, we can help you. Our staff will help your company navigate this process and ensure you remain in full compliance through the duration of the project.
In addition, if you are needing help finding qualified subcontractors to work on Section 3 projects, let CAS help you. We have a network of subcontractors we have worked with in the past that we know can handle any project – big or small – and in any geographic location in the US.