In the second quarter of 2014, EB-5 stakeholder and observers alike have continued a push for a permanent and successful immigrant investor program in the United States. The articles and selection quotes below provide evidence of how the infusion of EB-5 capital can lead to substantial job creation and economic development.
In June, IIUSA released its vol. 2 issue 2 of the Regional Center Business Journal, which highlights IIUSA’s advocacy efforts, such as the successful EB-5 Regional Eonomic Development Advocacy Conference in May, as well as other timely articles to keep EB-5 practitioners informed in the fast-evolving industry.
IIUSA Members can now download a carefully-designed “Media Kit” to assist regional center and project developers to engage with local media to cultivate support for the EB-5 program and ensure the correct information is reaching the public.
2014 Media Review – Quarter Two
“We [also] believe that America’s self-interest should be reflected in our immigration policy. For Example, the EB-5 “immigrant investor program,” created by Congress in 1990, was intended to allow a limited number of foreigners with financial resources or unique abilities to move to our country, bring with them substantial and enduring purchasing power…People willing to invest in America and create jobs deserve the opportunity to do so.”
“Just last year, the EB-5 Jobs for Massachusetts regional center completed the renovation of Studio 52 in Boston’s Allston neighborhood. The site had been a defunct clothing factory and a blight to historic Everett Street. By partnering with local developers, EB5MA helped raise almost half of the $2.5 million needed to convert the space into a contemporary music recording and community artist space. The studio is now a needed resource for students and the local music industry, and has added nearly 80 jobs to the Allston workforce.”
“To date, a conservative ICIC (Initiative for a Competitive Inner City) estimate suggests EB-5 loans have provided at least $8 billion of direct investment into American businesses and created at least 160,000 jobs.”
“EB-5 clearly has the potential to support economic development in and attract immigrant investors to cities looking for another way to grow jobs.”
“The purpose of this report is to stimulate a new dialogue by offering insights into the potential of the EB-5 program as a tool for impact investing in inner cities.”
“On June 5th, 2014, CanAm’s 22nd EB-5 project repaid its loan in full and on time, bringing the total number of investors that have received principal repayment in full to 538”
“The latest project that reached maturity was the Bakery Square Project in the Pennsylvania DCED Regional Center. The proceeds of the EB-5 loan were used to transform the historic Nabisco factory outside of Pittsburgh into an urban 7-story mixed-use building that offers office, retail, dining, and a hotel and fitness center. Industry leaders in the fields of technology and health care – including Google, UPMC Technology Department Center, University of Pittsburgh Science and Technology/Veteran Affairs and Human Engineering Research Laboratories – have relocated to Bakery Square.”
“By introducing the EB-5 Act, we can leverage funds and capital from overseas in our communities by encouraging foreign investors to create and support jobs in every sector of our economy, particularly in rural areas or those with high unemployment.”
-Rep. Tulsi Gabbard (D-HI)
“Michigan’s new status as a federally designated center for an increasingly popular investor visa program — just the second of its kind in the nation — will uniquely position the state to attract foreign capital and create local jobs, according to experts and stakeholders.”
“This approval is an important step in helping harness top talent and international direct investment into the state to continue and accelerate Michigan’s comeback. Our state needs outstanding talent to help drive the new economy. Immigrants are net job creators. In return, Michigan offers a wonderful place to live, work, play and raise a family.”
-Michigan Governor Rick Snyder
“The EB-5 Regional Program is a great example of creating partnerships that build innovative economic development tools that can strengthen our economy and enhance our competitiveness. It is among the most successful economic initiatives passed by Congress in the past quarter century and should be permanently authorized.”