#United States #New York City #NYCRC #EB-5 #JFK Airport Project

NYCRC Celebrates a Milestone in EB-5 Approvals

The New York City Regional Center (NYCRC) has achieved a remarkable milestone by announcing the approval of I-829 petitions for all 21 of its EB-5 investment offerings. This significant achievement comes as the center issues the first approvals connected to its JFK International Airport Project, a move that solidifies NYCRC’s commitment to facilitating permanent residency for foreign investors in the United States.

Understanding I-829 Approvals

An I-829 petition is a crucial step for EB-5 investors as it leads to the removal of conditional residency status, granting them lawful permanent residency in the U.S. This not only enables the investors to live and work anywhere in the country but also extends these rights to their immediate family members—spouses and children under 21.

As of now, NYCRC has successfully processed 2,209 I-829 petitions, resulting in a total of 6,334 individuals, including EB-5 investors and their families, achieving permanent residency. This milestone is a testament to NYCRC's dedication and the rigorous efforts of their team over the past 17 years.

Acknowledgment from NYCRC Leadership

Paul Levinsohn, Co-Managing Principal of NYCRC, expressed gratitude towards the team behind this accomplishment, emphasizing the years of hard work and diligence that have gone into managing the center’s investment projects. Levinsohn noted, “Obtaining permanent residency in the U.S. is the investment objective of our offerings. We're very excited to announce this new milestone.”

George Olsen, another Co-Managing Principal, highlighted the trust that EB-5 investors and their families place in NYCRC, reaffirming the organization's commitment to facilitating their aspirations for a stable life in the U.S.

The Role of NYCRC in U.S. Economic Development

NYCRC plays a pivotal role in promoting economic growth through foreign investment. Since its establishment in 2008, the center has been instrumental in providing a channel for foreign investors to contribute to essential infrastructure and real estate projects. The EB-5 program, initiated by Congress, aims to stimulate U.S. economic development by leveraging foreign investments to create jobs.

In conjunction with its EB-5 offerings, NYCRC has successfully secured funding through the New Market Tax Credit (NMTC) program. Since 2016, they have received an impressive $315 million across seven annual tax credit awards from the U.S. Department of Treasury. This demonstrates NYCRC's commitment to investing in low-income communities, thereby reinforcing its mission to stimulate economic growth in underserved areas.

Significant Investments Made by NYCRC

Through its initiatives, NYCRC has deployed $1.58 billion in EB-5 capital towards 41 projects in New York City, significantly impacting local development. Some noteworthy investments include:

• - $873 million directed towards redevelopment and infrastructure projects in Brooklyn, including several initiatives at the Brooklyn Navy Yard.
• - $321 million allocated for new construction projects in the Bronx.
• - $232.5 million to establish a high-speed wireless infrastructure network in subway stations and city streets across New York City.
• - $127.5 million invested in redevelopment projects in Washington Heights, which lies within an Upper Manhattan Empowerment Zone.

To date, NYCRC financing has contributed to over 5 million square feet of new development and crucial infrastructure initiatives across New York City, showcasing the center’s significant impact on the region's economic landscape.

Looking Ahead

As NYCRC marks this significant milestone, the focus will remain on continuing to support both investors and communities in achieving sustainable growth. Their commitment to facilitating foreign investment and aiding in perpetuating a cycle of economic revitalization reaffirms NYCRC’s status as a leader in the EB-5 investment landscape. For those looking to invest and secure their future in the United States, NYCRC stands ready as a trusted partner.

Overall, this announcement is set against a backdrop of NYCRC’s ongoing dedication to driving social and economic change through strategic investments, proving to be a beacon of opportunity for many aspiring immigrants.