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(1) It shall be the policy of the City of Philadelphia to require the recipients of funds included in any Final Consolidated Plan used for economic development, including Commercial and Industrial development, to directly create or retain jobs for persons who are of very low, low or moderate income. Emphasis shall be given to spend these funds in very low, low and moderate income areas.
(2) At least five percent (5%) of the annual federal Community Development Block Grant allocation received by the City of Philadelphia shall be allocated to economic development programs administered by community development corporations.
(3) To insure compliance with the policy set forth above, OHCD shall require all recipients of funds included in any Final Consolidated Plan used for economic development to submit annual reports for two years following the disbursement of program funds. The recipients' reports shall indicate the name, address or principal residence, and income of each person employed.
(4) OHCD is authorized to verify the accuracy of the recipient's annual reports at any time by inspection of the recipient's records or any other reasonable method necessary for verification.
(5) To insure the privacy of employees hired through the use of funds included in any Final Consolidated Plan, all recipient records required by this Section shall be confidential. Names of individual employees shall be made available to OHCD personnel only for the purpose of verification and inspection of recipient records. Any record containing identification of employees by name and/or Social Security number is expressly exempt from the public information requirements of Section 21-1107.