This rule revises HUD's regulations which ensure that employment, training, and contracting opportunities generated by certain HUD financial assistance shall, to the greatest extent feasible, and consistent with existing Federal, State, and local laws and regulations, be directed to low- and very low-income persons, particularly those who are recipients of Government assistance for housing and to business concerns that provide economic opportunities to these persons. This rule was last revised to incorporate the statutory amendments of the Housing and Community Development Act of 1992. The rule proposes to align and integrate oversight and reporting by eliminating complaint and compliance review provisions in favor of program-specific mechanisms, thereby reducing burden. The rule also proposes opportunities to encourage the training of low- and very low-income persons to ensure the availability of a skilled workforce once the construction or renovation begins. Finally, it would establish thresholds at levels at which federal assistance effectively generates new economic opportunities, provide a mechanism to adjust thresholds over time, align requirements to typical recipients’ business practices to reduce burden, and clarify the obligations of covered recipient agencies.