A recent article in the Buffalo News highlights the profound impact the EB-5 Regional Center Program has had in Buffalo and the surrounding communities and advocates for its prompt reauthorization by Congress.
The article specifically notes the “74 million to finance Oishei Children’s Hospital of Buffalo and Gates Vascular Institute; $1.9 million for the redevelopment of the former Women and Children’s Hospital; $4 million for the construction of Health Sciences Charter School among other projects.
The Editorial Board: No-cost economic development program may collapse if Congress fails this duty
by Robert Kirkham/Buffalo News
It is important for Congress to reauthorize the federal EB-5 Regional Center program that invests millions of dollars into our local economy. It provides permanent jobs at no cost to taxpayers. Tens of millions of dollars in investment capital and thousands of new jobs are at risk largely due to Congress’ lack of attention to this economic development tool.
Senate Majority Leader Charles E. Schumer, Reps. Brian Higgins and Chris Jacobs have been staunch supporters of the program. The entire objective of the EB-5 Regional Center program is to create jobs.
Here is how it works: Upon investing here, an immigrant, together with a spouse and unmarried children under age 21, can apply for permanent residency. That high, six-figure investment must result in the creation of 10 new U.S. jobs, at a minimum, for each investor.
It has worked here, producing $74 million to finance Oishei Children’s Hospital of Buffalo and Gates Vascular Institute; $1.9 million for the redevelopment of the former Women and Children’s Hospital; $4 million for the construction of Health Sciences Charter School; $5 million for construction of a parking garage on the Buffalo Niagara Medical Campus; and $30 million for the redevelopment of the former Lord Amherst campus in Amherst.