New York City Project to Utilize EB-5 Funds
The New York City Regional Center is moving with its planned expansion of the Brooklyn Navy Yard.
Using funds from the EB-5 visa program, the EB-5 regional center intends to finance the $120 million project and create 2,900 jobs, according to New America Media.
The EB-5 visa program was created to help American businesses gain access to foreign capital. Under the program, if a foreign national invests $1 million in a U.S. business and 10 jobs are created or preserved as a result of that investment, the investor becomes eligible for his or her U.S. green card.
EB-5 regional centers were created to help manage and direct foreign investment. According to the U.S. Citizenship and Immigration Service (USCIS), these centers can be “any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment.”
Some EB-5 regional centers, like the New York City Regional Center, are located in places termed Targeted Employment Areas. These regions are defined by law as “a rural area or an area that has experienced high unemployment of at least 150 percent of the national average.” Only a $500,000 investment is required by the EB-5 visa program in such areas.
George Olson, the managing principal of the New York City Regional Center, said that the EB-5 visa program is a good deal for foreign investors and American businesses alike.
“Everyone makes out,” he told the news provider. “People who want to come to this country, who want to invest in this country, put their money at risk to create jobs. It’s a great idea.”
So far, the New York Regional Center has raised $105 million from more than 200 investors, according to Olson.
The planned expansion at the Brooklyn Navy Yard includes the creation of a green manufacturing center, a building-mounted wind turbine and an expansion of Steiner Studios, which was behind such movies as Sex and the City 1 and 2.
The movie studio’s chairman, Douglas C. Steiner, said he is glad to be involved with the EB-5 visa program.
“We think the EB-5 program is a perfect fit for this project, because it’s such a job generator,” he told the news source. “It’s a great program because it repatriates money from overseas.
“We have a tremendous trade imbalance, and it brings some of that money back here to create American jobs,” he added.