New York, NY, Nov. 18, 2020 (GLOBE NEWSWIRE) — The New York City Regional Center (“NYCRC”) is pleased to announce that Form I-829 petitions have now been filed in all 21 NYCRC EB-5 offerings. The new jobs created from qualified construction expenditures in each of the 21 offerings met the requisite job creation totals necessary for EB-5 investors to remove the conditions on their permanent residency status.
To date, 1,777 Form I-829 petition approvals have been issued in NYCRC offerings resulting in 5,174 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. The NYCRC was the first EB-5 regional center approved in New York City.
Over the past 12 years, NYCRC-managed funds have put over $1.5 billion of EB-5 capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
- $767 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $339 million in the Brooklyn Navy Yard;
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone); and,
- $220 million to finance ground-up construction in the Bronx.
Twenty-one projects utilized NYCRC EB-5 financing to assist in the construction of over 3.8 million square feet of new development and renovation as well as infrastructure upgrades in New York City. Examples of completed projects utilizing EB-5 capital from NYCRC-managed funds include the following:
- A new wireless infrastructure network in New York City’s subway stations;
- Redevelopment of a new cargo and animal care facility at John F. Kennedy International Airport;
- New soundstages and production support space at Steiner Studios, New York City’s largest film and television studio;
- Fresh Direct’s new headquarters in the South Bronx;
- Redevelopment of multiple unused buildings and surrounding infrastructure upgrades in the Brooklyn Navy Yard, New York City’s largest industrial park;
- City Point retail complex in Downtown Brooklyn;
- A new hotel and medical office complex in Washington Heights;
- A new Wegman’s supermarket and industrial buildings in Brooklyn; and,
- Expansion of the Hutchinson Metro Center in the Bronx.
Over the past four years, the United States Department of Treasury has made three separate awards totaling $115 million in New Market Tax Credit allocations to a NYCRC-managed entity. To receive this allocation, the NYCRC was required to demonstrate a mission and long-term track record of investment in low-income communities.
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