(1) Each project sponsor, developer or builder required by OHCD or DOC or their agents or designees, including the Philadelphia Redevelopment Authority ("RDA"), the Philadelphia Housing Development Corporation ("PHDC"), the Philadelphia Industrial Development Corporation ("PIDC") and the Philadelphia Commercial Development Corporation ("PCDC"), to submit an Affirmative Action Plan pursuant to Section 3 of the Housing and Urban Development Act of 1968, 12 U.S. C. § 1701u, as amended by Section 915 of the Housing and Community Development Act of 1992, P.L. 102-550, or any successor statue ("Section 3 of the HUD Act") or pursuant to local legislation or Executive Orders relating to affirmative action or equal employment opportunities, shall submit as part of that Affirmative Action Plan, a "Neighborhood Benefit Strategy," which shall describe the sponsor's, developer's or builder's proposed efforts to hire low-income project area individuals and businesses along with projected percentages of low-income project area resident new hires.

(2) The "Neighborhood Benefit Strategy" shall include, but is not limited to, the following elements:

(a) A projection of the specific goals for the employment of low-income project area residents, a list of the approximate number of contracts or subcontracts to be let to low-income project area businesses and their dollar value, and a list of materials and supplies anticipated to be purchased from low-income project area businesses; and

(b) A description of efforts that the sponsor, developer or builder has made to identify and contract with low-income project area businesses either as prime contractors or subcontractors on the project; and

(c) Where low-income project area businesses are available for a specific construction project but will not be used, an explanation of the reasons why these businesses are not being employed.

(3) Each project sponsor, developer or builder shall be subject to monitoring requirements as set forth by OHCD and DOC in order to monitor compliance with this chapter.

(4) No later than December 31st of each year, the OHCD and DOC shall submit an annual report to the Mayor and Council President summarizing the components of the previous fiscal year's Neighborhood Benefit Strategies previously submitted, the degree of compliance with these strategies, and the extent to which contracting goals are met for new hires and low-income project area businesses. The annual report may also include recommendations to enhance and strengthen the effectiveness of the Neighborhood Benefit Strategy and compliance with Section 3 requirements or any other designated requirements.