Mar
28

Advocacy Update: NACo Resolution Made Official, Senate Hearings with Mention of EB-5, CBO Estimates on SKILLS Visa Act

IIUSA Capitol BuildingNACo Officially Adopts Resolution “Supporting the Permanent Authorization for the EB-5 Regional Center Program”

At the beginning of March, IIUSA presented to the National Association of Counties (NACo) Legislative Conference to the Community, Economic Development and Work Force Steering Committee which unanimously approved a resolution supporting IIUSA and the permanent authorization of the EB-5 Regional Center Program.  This resolution was subsequently adopted and approved on Monday, March 3, 2014 by the full NACo Board of Directors. On March 10th, NACo released all of their newly adopted policy resolutions on their webpage, including support for EB-5. In response to the issue “The EB-5 Regional Center Program (the “Program”) authorization expires on September 30, 2015, NACo supports federal legislation to permanently authorize the EB-5 Regional Center Program and to maximize its capacity for economic impact and job creation.”

Senate Hearings

As we reported last week, in a March 12th meeting of the Senate Judiciary Committee considering several executive nominees, Leon Rodriguez, President Obama’s nomination to become the next Director of USCIS, was officially recommended – with Judiciary Committee Chair, Patrick Leahy, submitting a statement for the record that praised the EB-5 Regional Center Program. Two more Senate hearings, including a Department of Homeland Security Subcommittee hearing on appropriations and a Homeland Security and Governmental Affairs Committee (HSGAC) hearing on the fiscal year 2015 budget, brought up the EB-5 Program. In the DHS Subcommittee hearing on appropriations, held March 12th, chaired by Senator Mary Landrieu (D-LA), DHS Secretary Jeh Johnson said, “We have a review ongoing of the EB-5 program that several people have asked me to do, and I agree that it is important. It is an important worthwhile program for job creation in this country. At the same time, we have to be mindful of any security concerns that may exist around the program which often can lead to delays in the application process. So I think that we can always do a better job in terms of efficiency and security and I want to look for ways to accomplish that and so I’m waiting to hear from my people about how we might do a better job around the EB-5 program because I believe that overall it is a very worthwhile program.”

In the March 13th Senate Homeland Security HSGAC, Subcommittee hearing on the DHS Appropriations, the issue measuring the economic impacts of the EB-5 Program was questioned by Ranking Member of the HSGAC Tom Coburn, M.D. (R-OK), despite the letter (that totaled over 350+ pages with appendices) to the Honorable Senator Coburn last month in response to his office’s inquiry about the EB-5 Regional Center Program. In the letter, IIUSA highlighted the economic impacts of the EB-5 Program, which contributed $3.39 billion to U.S. GDP and supported over 42,000 U.S. jobs during fiscal year 2012. This data comes from the results of peer-reviewed economic study commissioned by IIUSA.  This is the second comprehensive economic impact report commissioned by IIUSA based on comprehensive data-sets of I-526 and I-829 approval/denial statistics for each Regional Center in the country for fiscal years 2010-2012, obtained through a vigorous process of data collection and subsequent analysis of I-924A filings. A breakdown of the “new commercial enterprises” and “job creating enterprises” that Regional Centers fund throughout the year, along with North American Industry Classification System (NAICS) codes to track industry sector impacts adds further context to the data.

Congressional Budget Office Cost Estimate on SKILLS Act

On March 12, the Congressional Budget Office (CBO) released a cost estimate on the H.R. 2131, also known as the Supplying Knowledge-based Immigrants and Lifting Levels of STEM Visas Act (SKILLS Visa Act). The CBO estimates that enacting H.R. 2131 would increase the U.S. population by nearly 1 million in 2024 and in 2034. Moreover, the CBO and the staff of the Joint Committee on Taxation (JCT) estimate that enacting the law would increase revenues by $118 billion over the 2014-2024 period. The SKILLS Visa Act, introduced by House Judiciary Committee Chairman, Bob Goodlatte (R-VA) and Oversight and Government Reform Committee Chairman Darrell Issa (R-CA), is one of several immigration bills introduced in the Republican-controlled House, but none have reached the full floor for vote. The SKILLS Visa Act, however, was recommended out of the House Judiciary Committee in June 2013 under regular order.  IIUSA commented on the SKILLS Visa Act and remains in active dialogue with the bills supporters for further refinement of the legislation prior to it coming to full vote in the House.  To read IIUSA’s letter to Chairmen Goodlatte and Issa from June 2013, click here. Be sure to attend IIUSA’s EB-5 Advocacy Conference, May 7-9th, in Washington D.C. to get a change to hear directly from the federal government about the EB-5 Regional Center Program.

Mar
19

IIUSA Details Growing Economic Impact of the EB-5 Regional Center Program in Response to Senator’s Inquiry

Last month, IIUSA responded to a letter from the Office of the Honorable Senator Tom A. Coburn, M.D. inquiring about the EB-5 Regional Center Program (the “Program”).  IIUSA welcomes discussion of the increasing economic contribution of the Program in diverse communities and industries across the country.  We further welcome the opportunity to discuss how the Program can be improved and its integrity protected so this growing economic contribution can continue permanently.

To View a Copy of IIUSA’s response letter, click here.

 Documenting the EB-5 Regional Center Program’s Economic Impacteconreportcover

As the trade association representing more than 150 EB-5 Regional Centers, IIUSA welcomes the support from members of Congress to protect and strengthen the EB-5 Regional Center Program which creates jobs and spurs economic development in the U.S. at no cost to taxpayers.

A comprehensive, peer-reviewed economic impact study commissioned by IIUSA finds that the EB-5 Program contributed $3.39 billion to U.S. GDP and supported over 42,000 U.S. jobs during fiscal year 2012, while generating over $712 million in federal/state/local taxes. This is more than a double the annual impact reported for 2011, and we expect even greater impact in 2013. To read the press release with more details on the 2012 economic impact report, click here.

Media Contact:
Liz Poston, 202-207-3638 lposton@prismpublicaffairs.com
or
Other Inquiries:
Allen Wolff, 312-283-8167 or allen.wolff@iiusa.org

Mar
17

Senate Judiciary Committee Recommends Confirmation of Nominee for Director of USCIS, Leon Rodriguez

Leon-RodriguezOn March 12th, the Senate Judiciary Committee considered several executive nominees – including for USCIS Director.  Leon Rodriquez was nominated to be Director of USCIS by President Obama in January 2014. His nomination will next be considered by the full Senate – but under the new rules to confirm non-judicial executive nominees that require a simple majority (compared to the 60 votes needed in the past. Mr. Rodriguez is an attorney who has served at the Department of Justice and, most recently, the Department of Health and Human Services.  Read a full bio here.

Chairman of the Senate Judiciary Committee, Senator Patrick Leahy (D-VT), the most vocal supporter of the EB-5 Regional Center Program, made the following statement about the nomination of Mr. Rodriguez to USCIS Director and its implications for EB-5:

Today the Senate Judiciary Committee is holding a hearing to consider President Obama’s nominee to be Director of the United States Citizenship and Immigration Services (USCIS), Leon Rodriguez.  This office within the Department of Homeland Security is responsible for administering and processing asylum and refugee applications, immigration benefits, and naturalization and visa petitions, including the EB-5 Regional Center Program.  This office must have a qualified director at the helm.

Since its inception in 1993, the EB-5 program has spurred capital investment and job creation across the country and particularly in Vermont.  Vermont’s Regional Center is a national leader in using this federal jobs program.  I have seen this program transform regions of the state in extraordinary ways that will have lasting positive impacts for several Vermont businesses.  In the way the program has been overseen at the state level and applied throughout the state, Vermont’s process has become the gold standard for other states to emulate.  Last year the Senate Judiciary Committee unanimously approved my amendment to enact broad improvements to this program during the Committee’s consideration of comprehensive immigration reform legislation.  This amendment was the product of cooperation with numerous stakeholders, USCIS, and the White House, and I was proud that it drew such strong support.  It has now been more than nine months since the full Senate passed historic immigration reform legislation with a strong bipartisan vote of 68-32.  The country cannot continue to wait.  It is time for the House of Representatives to take up and pass the Senate bill, which included the improvements to EB-5 that I have long sought.

I have met with Mr. Rodriguez and found him to be an excellent candidate to lead such an important division. He has vast leadership and management experience, spanning both public and private practice, and often intersecting with issues of national origin and immigration status.  He also understands how important the EB-5 program is to states like Vermont.  He understands the challenges facing EB-5, including inexcusably long application processing delays, and he is committed to working with us in Congress to strengthen the program and make it permanent.  I applaud President Obama for selecting Mr. Rodriguez and I look forward to advancing his nomination in this Committee and on the Senate floor.

Mar
11

IIUSA Statement on New House Legislation to Permanently Authorize, Reform the EB-5 Regional Center Program

Capitol BuildingAs the trade association representing more than 150 EB-5 Regional Centers, IIUSA welcomes the support from members of Congress to protect and strengthen the EB-5 Regional Center Program which creates jobs and spurs economic development in the U.S. at no cost to taxpayers.

A comprehensive, peer-reviewed economic impact study commissioned by IIUSA finds that the EB-5 Program contributed $3.39 billion to U.S. GDP and supported over 42,000 U.S. jobs during fiscal year 2012, while generating over $712 million in federal/state/local taxes. This is more than a double the annual impact reported for 2011, and we expect even greater impact in 2013.

We appreciate Congressman Polis’ (D-CO) introduction of H.R. 4178 – along with co-sponsoring Representatives Garcia (D-FL), Amodei (R-NV), and Salmon (R-AZ) – and agree with them that the EB-5 Regional Center Program should be made permanent. The growth of the EB-5 Program is being driven by successful Regional Centers, with approximately 95 percent of all capital raised through the program flowing through IIUSA’s membership. It is thanks to the American jobs created by these Regional Centers that the Program continues to enjoy bipartisan support.

In addition to making EB-5 Regional Center Program permanent, the proposed legislation includes a number of provisions that IIUSA has long supported, as well as some on which IIUSA has not taken a position. We are currently reviewing the bill in its entirety in order to provide additional comments to Congressman Polis and the relevant committees that may consider the bill.

We look forward to a constructive dialogue to ensure that the EB-5 Program continues playing a vital role in U.S. job creation and economic development.

Mar
10

National Association of Counties (NACo) Adopts Resolution in Support of the EB-5 Regional Center Program and IIUSA’s Legislative Agenda

IIUSA Executive Director Peter D. Joseph presents at NACo's Annual Legislative Conference in Washington, D.C., March 3, 2014

IIUSA earned an important vote of public support this past weekend as the National Association of Counties (NACo) Community, Economic Development and Work Force Steering Committee unanimously approved a resolution supporting IIUSA, which was subsequently adopted and approved on Monday, March 3, 2014 by the full NACo Board of Directors. These approvals signify NACo’s full support of IIUSA’s EB-5 legislative initiatives as a formal part of NACo Legislative and Program and Policy agenda and set the stage for IIUSA EB-5 working panel presentations in multiple future NACo meetings. NACo represents over 3,500 Counties Nationwide and counts nearly 35,000 local elected officials among its membership.

This welcome news is a direct result of the efforts of the newly-formed IIUSA Public Interest Group Committee, led by Chairman Bob Honts (who also serves as IIUSA Secretary Treasurer), which devoted significant behind-the-scene efforts to secure the opportunity to present at the NACo Annual Legislative Conference. Honts, along with IIUSA Executive Director Peter D. Joseph, presented on the EB-5 Regional Center Program to the committee.  Also lending their support were IIUSA Government Affairs representative Matt Virkstis, Riverside California County Commissioner Tom Freeman, and SelectUSA Deputy Executive Director Aaron Brickman (who also presenting on EB-5 and the general importance of foreign direct investment to US economic development today).

This engagement is part of IIUSA’s continued coalition building initiative with organizations that have a public mission that overlaps with IIUSA’s interests. Following a 2012 resolution in support of permanent authorization of the EB-5 Regional Center Program, in June 2013 the U.S. Conference of Mayors (USCOM) adopted a resolution in favor the EB-5 Program affirming, “The United States Conference of Mayors urges Congress to include a robust EB5 program in the immigration bill including additional visas, permanent authorization of the regional center program and streamlined approvals for all applications.” The section on EB-5 of the adopted resolutions document begins on page 69.

Feb
27

Next IIUSA Webinar – Securities Laws & EB-5 – is TOMORROW, February 27th! Sign Up today!

Securities Laws & EB-5: Broker/Dealer Business Model & JOBS Act Update

When: February 27, 3:00 PM EST/ 12 PM PST

Topic: Securities laws continue to be an increasingly important part of EB-5 compliance. As a result, Broker-Dealers, licensed with the Financial Industry Regulatory Authority (FINRA), are becoming more involved with the EB-5 Program. The most tangible evidence of this trend is FINRA’s guidance to Broker-Dealers on the suitability rule for EB-5 related investments. Our panel of experts will discuss what this trend means for Regional Centers and other EB-5 stakeholders, and how industry participants can benefit from the trend. This webinar will also take a closer look at what we have learned from implementing the JOBS (Jumpstart Our Business Startups) Act, which is a law intended to encourage funding of U.S. small businesses by easing of various securities regulations, and provides an opportunity to advertise regulation D compliant securities offerings to the public.

Webinar Registration

IIUSA Members $50, Non-Members $100.  Sign Up Here!

Panelists:

John D Tishler – Partner in the Corporate Practice Group, Sheppard Mullin Richter & Hamption, LLP

Mr. Tishler’s practice encompasses domestic and international capital markets, corporate finance, corporate governance, business transactions, mergers and acquisitions and technology. He advises established NYSE, NASDAQ and international exchange issuers and smaller high-growth clients on capital structures, equity and debt offerings, EB-5 investment programs, securities compliance, strategic partnerships, mergers and acquisitions and corporate restructuring. Mr. Tishler regularly speaks and writes on corporate governance, capital markets transactions, EB-5 investment programs, emerging growth company issues and uncommon interpretations and approaches to transactional lawyering.

Kevin Callaghan, Principal, Aspyre Capital Group

Kevin is an experienced real estate executive and EB-5 practitioner having worked at a number of major international financial institutions. He has over 20 years of professional experience analyzing real estate investments including the last six years in China, Japan and India. Before founding his own cross-border consulting firm in 2008, Kevin spent 11 years as a CMBS executive at Lehman Brothers and Barclays Capital, originating and structuring large-scale real estate loans throughout the U.S., Caribbean and Japan. His specialties span every property type with a concentration in large-scale mixed use projects, portfolios, and hospitality.

Born in Wurzburg, Germany, Kevin was raised in the United States and has traveled extensively in Europe, Asia and North America. From 2008 to 2011, Kevin lived, worked and studied in China, completing graduate business degree programs from the two leading business schools in China and Europe – Tsinghua University and INSEAD – with programs based in Beijing, Singapore, France and Abu Dhabi. His recent EB-5 consulting assignments include work with a regional center based in New York City and assisting a major developer seeking EB-5 capital for a project in San Diego. Kevin started his career as an appraiser, achieving the MAI designation in 1990. Kevin is currently a Registered Representative and Investment Adviser Representative (Series 63, 65, 82) with Equinox Securities, Inc. and is a licensed real estate agent (New York State).

Mike Xenick, President & CEO, InvestAmerica Capital Advisors

Mr. Xenick has been an investment banker for over 20 years working to raise millions of dollars of debt and equity capital for middle market companies. At InvestAmerica, Mr. Xenick leads the firm’s EB-5 Advisory Services and Support practice.

Prior to starting InvestAmerica, Mr. Xenick was Managing Partner of LCG Capital Advisors, a boutique lower middle market investment bank in Tampa, Florida for over five years, co-founding LCG’s FINRA-registered broker/dealer, representing dozens of the firm’s clients in raising debt/equity capital and merger & acquisition transactions. Mr. Xenick also managed LCG’s advisory practice areas where there was a notable element of regulatory compliance, as well as various strategic partnerships of the firm. In 2010, Mr. Xenick founded LCG’s EB-5 Advisory & Support Services Division, creating the capabilities and infrastructure noted above, spinning out this Division in 2012 into InvestAmerica Capital Advisors, LLC.

Michael G. Homeier, Founding Shareholder, Homeier & Law, P.C. 

Michael Homeier practices in the area of general business, corporate, transactional, and business financing law. With nearly 25 years’ experience in the corporate and business transactional field, both as in-house corporate counsel and with private law firms, Michael’s practice emphasizes the drafting, negotiation, and review of contracts, including commercial contracts, financing agreements, factoring packages, intellectual property licensing agreements, new media, technology, and commercial contracts, and entertainment industry agreements for both production houses and industry professionals. An integral part of Michael’s practice includes a comprehensive “entity practice” involved with the formation, maintenance, and dissolution of corporations and limited liability companies, both in the for-profit and non-profit sector.

Michael received his J.D. from University of Southern California and his B.A. from The University of California, Los Angeles. Michael is a member of the State Bar of California.

All-Access Pass

New in 2014, IIUSA members can purchase a twelve-month “All-Access Pass” and automatically be registered for all IIUSA webinars (hosted monthly), access exclusive multimedia content inluding webinars and past presentations OnDemand, and receive industry reports for one flat fee. Purchase today!

Feb
27

IIUSA Submits Questions to USCIS for Wednesday, February 26 EB-5 Stakeholder Engagement via Teleconference

On Monday February 10th, U.S. Citizenship & Immigration Services (USCIS) sent out an e-mail notice titled “USCIS Invitation: A Discussion about the EB-5 Immigrant Investor Program” which announces the first public engagement on the Program since an EB-5 Quarterly Stakeholder Engagement October 16, 2012. The teleconference will take place on Wednesday February 26, 2014. To join the teleconference, fill out a registration form on theUSCIS Public Engagement Division Subscription Service webpage. 

In their e-mail notice to the public, USCIS asked encouraged public submissions of non-case specific agenda items, which were due by February 14th. IIUSA responded by proposing 27 items agenda to be included in the EB-5 engagement. In the letter,  Questions for 02/26 Quarterly EB-5 Engagement (Click to View)IIUSA asks for clarification from USCIS on statistics as well as administrative and policies issues. Below are a selection of some of the most important questions we hope will be addressed by USCIS on February 26th.

Statistics

  • Please provide the most recent quarterly statistics for:
    a. Form I-526 received/approved/denied/pending;
    b. Form I-829 received/approved/denied/pending;
    c. Form I-924 Regional Center proposals received/approved/denied?
    d. Form I-924 Regional Center amendments received/approved/denied?
    e. How do these statistics compare to the preceding four quarters?
    f. How many Regional Center proposals are pending?
    g. How many Regional Center amendments are pending?
  • Please list the processing times for the following EB-5 related Forms and how the times compared to target processing times.
    a. Form I-526
    b. Form I-829
    c. Form I-924 for new Regional Centers
    d. Form I-924 for amendments to Regional Centers

Administrative 

  • Is the EB-5 unit in the DC office fully staffed now? If so, how many adjudicators do you have? How many supervisors? How many economists? If not fully staffed yet, when do you plan to be fully staffed? How many personnel will you have when fully staffed? What forms are currently being adjudicated there? 
  • What are the major goals for the EB-5 unit in 2014?
  •  To what extent does USCIS share information with other agencies, particularly the SEC and Commerce Department? Does USCIS have a formal or informal memorandum of understanding with those agencies or any others regarding EB-5 cases or issues? If so, could we obtain a copy of that?
  • What is the status of USCIS drafting new regulations for the EB-5 Program, as described in the USCIS response to the recent Office of Inspector General (OIG) report on the EB-5 Program?

Policy

  • What is the standard for determining the geographic range of a regional center?
  • What is required to “maintain investment” for I-829 purposes?
  • What if any limits on bridge financing should investors know about?
  • Does a regional center application seeking approval based on hypothetical projects require “verifiable detail” or similar standard for market feasibility analysis or validation of costs and timeline for construction to support assumptions made in the economic analysis, or is it enough to present a basically credible hypothetical business plan?
  • What specifically begins and ends a period of construction that must last two years in order to count direct construction jobs?
Feb
20

Sign Up for Next Week’s IIUSA Webinar – Securities Laws & EB-5

Next Webinar – Securities Laws & EB-5: Broker/Dealer Business Model & JOBS Act Updateaspyresponsor1

When: February 27, 3:00 PM EST

What is this webinar about? Securities laws continue to be an increasingly important part of EB-5 compliance. As a result, Broker-Dealers, licensed with the Financial Industry Regulatory Authority (FINRA), are becoming more involved with the EB-5 Program. The most tangible evidence of this trend is FINRA’s guidance to Broker-Dealers on the suitability rule for EB-5 related investments. Our panel of experts will discuss what this trend means for Regional Centers and other EB-5 stakeholders, and how industry participants can benefit from the trend. This webinar will also take a closer look at what we have learned from implementing the JOBS (Jumpstart Our Business Startups) Act, which is a law intended to encourage funding of U.S. small businesses by easing of various securities regulations, and provides an opportunity to advertise regulation D compliant securities offerings to the public.

Panelists:

tishlerJohn D Tishler – Partner in the Corporate Practice Group, Sheppard Mullin Richter & Hamption, LLP

 

 

 

callaghanKevin Callaghan, Principal, Aspyre Capital Group

 

 

 


MX-2Mike Xenick, President & CEO, InvestAmerica Capital Advisors

 

 

 

homeierMichael G. Homeier, Founding Shareholder, Homeier & Law, P.C. 

 

Webinar Registration

IIUSA Members $50, Non-Members $100. Sign up Today!

All-Access Pass

New in 2014, IIUSA members can purchase a twelve-month “All-Access Pass” and automatically be registered for all IIUSA webinars (hosted monthly), access exclusive multimedia content inluding webinars and past presentations OnDemand, and receive industry reports for one flat fee. Purchase today!

Feb
17

USCIS Public Engagement Teleconference Scheduled for February 26th

flag
On Monday February 10th, U.S. Citizenship & Immigration Services (USCIS) sent out an e-mail notice titled “USCIS Invitation: A Discussion about the EB-5 Immigrant Investor Program” which announces the first public engagement on the Program since an EB-5 Quarterly Stakeholder Engagement October 16, 2012. The teleconference will take place on Wednesday February 26, 2014and we encourage you to join. Below is the full text. 
 

Dear Stakeholder,

U.S. Citizenship and Immigration Services (USCIS) invites you to take part in a teleconference on  Wednesday, February 26, 2014 from 1:30 p.m. – 3:00 p.m. (Eastern) to discuss the EB-5 Immigrant Investor Program.

During this engagement, USCIS will introduce the new chief of the USCIS Immigrant Investor Program Office [Nicholas Colucci], provide updates on the program, and discuss the EB-5 Adjudications Policy Memorandum issued on May 30, 2013. Participants will have an opportunity to ask questions and discuss a broad range of EB-5 issues.

To Register for this Session:

Please visit our registration page to register for this event. All registrations must be received by  Friday, February 14, 2014. Be sure to provide your full name and, if applicable, the name of your organization by following the steps below:

  • Enter your email address and select “Submit”
  • Select “Subscriber Preferences”
  • Select the “Event Registration” tab
  • Complete the questions and select “Submit”

Once your registration is processed, you will receive a confirmation email with additional details.

To Submit Agenda Items:

We encourage you to submit non-case specific agenda items before the teleconference. You may do so on the event registration page or by emailing us at  Public.Engagement@uscis.dhs.gov. Please submit all questions and agenda items by Friday, February 14, 2014.

If you have any questions regarding the registration process, or if you have not received a confirmation email within two business days after you register, please email us at Public.Engagement@uscis.dhs.gov.

We look forward to engaging with you!

 
Feb
11

2013 EB-5 Regional Center Industry Media Report

For most of us, the daily tasks and the urgency of now often take precedence over reflection on past events and experiences. Especially in such ballan industry with so many moving parts, EB-5 practitioners are by necessity very forward-thinking. But as your trade organization, it is our duty to put recent history into context.

2013 was another year of substantial growth and change for the EB-5 Program. This growth has created new public policy challenges and opportunities which gives us great reason to believe the industry’s next chapter will allow the Program to achieve new levels of success in both the short and long term. Back in November, IIUSA Executive Director Peter Joseph penned an insightful memo conveying why we should be optimistic about where the Program is headed from a policy and oversight perspective.

Since the end of last year, IIUSA has been diligently organizing a compilation of articles that, while often not as loud as some of the politically charged media coverage of the Program in late 2013, the positive coverage of EB-5 fulfilling its promise of U.S. job creation at no cost to the taxpayer in diverse geographies and industries. Below are a selection of quotes which we feel embody what the EB-5 Program was all about in 2013.

 ”Today is not so much about Jay Peak, but it is about taking a program we have proven effective here and expanding its value to our surrounding community.”   

-Bill Stenger, President/CEO, Jay Peak, Inc.; Director, IIUSA  (NPR)

“Through public-private partnerships, we’re able to independently align cities’ economic initiatives with the goals of our individual and institutional investors. We pioneered this approach with the City of Dallas and are pleased to implement it in Fort Worth, a city with which we have developed an intimate relationship. In the days ahead, we will work diligently to identify high-quality projects that bring investment and significant job creation into the area.” 

-Daniel J. Healy, CEO, Civitas Capital Group; Director, IIUSA (PR Newswire)

“Far from it being a ‘fast track,’ industry data shows that in 2013 it is taking an average of 17 months for the government to review applications from prospective EB-5 Regional Centers, federally approved organizations that pool foreign investments and deploy capital to large-scale projects. For foreign investors, there is currently an 18-month backlog of more than 7,000 investor applications. The anecdotal evidence cited in the article appears to track these timelines, which provide ample opportunity to perform the necessary security checks on investors.”

-Peter D. Joseph, Executive Director, IIUSA, Letter to the Editor of The Washington Times

“Look behind that data and you see that EB-5 capital has been a critical source of funds for name-brand projects like California’s San Bernardino Airport and adjacent business development and the booming Philadelphia Navy Yard. Over the last five years, with commercial lending at a standstill, EB-5 capital filled the gap to fund nearly every major U.S. hotel project , as well as smaller, job-creating projects ranging from senior housing in Washington State and Florida, to a pioneering charter school focused on health care training in upstate New York.”  

-Robert C. Divine, Chair of Global Immigration Practice, Baker Donelson Bearman, Caldwell & Berkowitz, PC; Vice President, IIUSA, in an Op-Ed Piece for The Hill

The EB-5 regional center program and visas are very important funding sources for local businesses in the county,” Riverside County Foreign Trade Commissioner Tom Freeman said. “These centers fund business and government projects alike.”

-Tom Freeman, Foreign Trade Commissioner Riverside County, CA (Temucula Patch News)

“The EB-5 program is one of the most complex and heavily scrutinized immigration programs,” says Stephen Yale-Loehr, Mr. Canal-Forgues’s attorney and an expert on EB-5 visas. “Investors must show every cent was earned legally.”

-Stephen Yale-Loehr, Of Counsel, Miller Mayer, LLP; President Emeritus, IIUSA  (The Wall Street Journal)

“In creating jobs in your neighborhood and in our state, the unemployment rate goes down. We have more taxpayers. Therefore, we can have more services. In other words, we have economic development.”   

-K. David Andersson, President, IIUSA; President, Whatcom Opportunities Regional Center (Northwest News)