EB-5 in the News: Federal Visa Program that Helped Fund Big Buffalo Projects on Hold

IIUSA Vice President, William Gresser, was recently quoted in a Buffalo News article discussing the economic impact the EB-5 Program has had in the Buffalo area and the role the Program can play moving forward. Mr. Gresser noted with the recent economic collapse caused by the pandemic, there’s a tremendous need for more capital,” Gresser continued “We are trying to be a source for job creation in the city right now.”

The EB-5 Program has been a funding source for communites all across the country and has been used in Buffalo for a host of important projects such as Oishei Children’s Hospital, Gates Vascular Institute, the Hyatt Buffalo Place, and the Jazzboline Restaurnt & Bar. 

Orginally Published in the Buffalo News

 

What do Elmwood Crossing, the Michigan-Goodrich Garage and the Health Sciences Charter School have in common?

 

All are significant redevelopment projects in Buffalo, with roots in the medical world.

 

And all three – and several others locally – got millions of dollars in foreign investment in exchange for special immigrant visas, under a little-known 30-year-old federal program that has pumped more than $100 million in funding into projects across Western New York.

 

That program, however, is in limbo. It expired at the end of June, leaving its fate in the hand of Congress, which has not agreed to an extension.

 

And while it’s not the biggest or most often-used source of funding for projects in Western New York, its loss could eliminate a key option that has proven critical in certain situations – including as recently as a few weeks ago.

 

“Everything is on hold. It came to a screeching halt on June 30,” said William Gresser, the Buffalo-based executive and native whose firm has shepherded the program’s investments across the region. “There are negotiations going on now, but every day is a wasted day.”

 

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