News
NAVY YARD FINDS GREEN IN GREEN-CARD PROGRAM
Wall Street Journal
New York Region — May 10, 2010 – By JOSEPH DE AVILA
The Brooklyn Navy Yard hopes to trade green cards for greenbacks to help finance $125 million in projects in its biggest facelift since World War II.
“We have to look for ways to do more with less,” said Robert Lieber, deputy mayor for economic development. “This is a real interesting and clever way to provide financing.”
The so-called EB-5 visa is awarded to foreigners who invest $500,000 to $1 million in U.S. businesses; $500,000 is required if the investment is made in a high-unemployment or rural area. The investors must document that their investment created at least 10 jobs before they are granted green cards, which allow permanent residence in the U.S.
The Brooklyn Navy Yard expansion is expected to create about 2,800 construction, film-studio and so-called green jobs. Besides the foreign investment, New York City is also paying an additional $81 million for infrastructure upgrades.
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BROOKLYN NAVY YARD FIRST PROJECT IN REGIONAL CENTER PROGRAM FOR NEW YORK CITY
Industrial park to receive $60 million investment, develop two green buildings & create 1,200 jobs through innovative program
Brooklyn, NY (May 10, 2010) – In a first for New York City, an innovative program that raises capital for economic development projects in high unemployment areas across the nation has generated $60 million in investment at the Brooklyn Navy Yard. The New York City Regional Center (NYCRC) is providing the financing through the EB-5 visa program of the U.S. Citizenship and Immigration Services (USCIS). The EB-5 program allows foreign investors to invest in job creating projects in areas of high unemployment in exchange for expedited access to green cards. The money will be used to develop new industrial space and upgrade the Yard’s infrastructure. Combined with $81 million in City-funded infrastructure investment, the three-year project will result in more than 1,200 new jobs at the city-owned industrial park.
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NEW YORK CITY REGIONAL CENTER RECEIVES
APPROVAL AND DESIGNATION
For Immediate Release
NEW YORK, New York — October 30, 2008 – The New York City Regional Center has received full approval and designation from the United States Citizenship and Immigration Services, a branch of the United States Department of Homeland Security. Located in one of the most vibrant and dynamic economic markets in the world, the New York City Regional Center (”NYCRC”) offers investment opportunities under the EB-5 Investor Visa Program. The NYCRC offers an exciting new vehicle to obtain permanent residency status in the United States while investing in a wide range of real estate projects throughout New York City.