The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS), a division of the United States Department of Homeland Security, to raise capital via the EB-5 program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States.
Since its designation by USCIS, the NYCRC has worked closely with economic development agencies and governmental entities, as well as private developers designated by such government entities, to provide capital for real estate and infrastructure projects in New York City that create jobs in areas of high unemployment.
Previous NYCRC projects include: