For purposes of this Chapter the following definitions shall apply:

(1) Covered Project. A housing or community development construction or construction-related project funded by OHCD or DOC or their agents or designees, if such project is financed in any part by HUD funds.

(2) Low-Income Project Area Business. Any business:

(a) that is fifty-one percent (51%) or more owned by low-income project area residents; or

(b) whose permanent, full-time employees include persons, at least thirty percent (30%) of whom are currently low-income project area residents, or within three years of the date of first employment with the business were low-income project area residents; or

(c) that provides evidence of a commitment to subcontract in excess of twenty-five percent (25%) of the dollar award of all subcontracts to be awarded to businesses that meet the qualifications set forth in (a) or (b) of this definition of "low income project area business."

(3) Low-Income Person. Families (including single persons) whose incomes do not exceed the income ceilings established under Section 3 of the HUD Act for determining low-income status, or any public housing resident.

(4) New Hires. Full-time employees for permanent, temporary or seasonal employment opportunities.

(5) Project Area. The geographical area in which the persons benefitting from the project reside, as determined by OHCD or DOC, which geographical area shall not extend beyond the borders of the City, with respect to any funds expended in the City.

(6) Sponsor, Developer or Builder. Any entity which contracts to perform work generated by the expenditure of OHCD or DOC funds for housing or community development projects.