NYCRC MILESTONES Print

NEW YORK, NY – January 2, 2013 – The United States Citizenship and Immigration Services (“USCIS”) today issued its 1,000^th I-526 Petition approval notice for EB-5 investors who have invested in New York City Regional Center (“NYCRC”) projects.  The I-526 Petition is the first step in the process for foreign investors seeking lawful permanent residence through the EB-5 Regional Center Program.  The I-526 Petition is filed together with accompanying evidence in support of the program’s requirements. 

The EB-5 program was established in 1991 by the United States Congress to stimulate economic development through foreign investment.  The program is administered by the USCIS, a division of the United States Department of Homeland Security.  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.  Over the past decade, the EB-5 program has grown and become an effective economic development vehicle throughout the nation as well as a growing visa option for individuals and families from around the world. 

Established in 2008, the NYCRC was approved by the USCIS to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  The NYCRC works in conjunction with government agencies, economic development not-for-profits, and private developers to fund a diversified portfolio of real estate projects – such as light industrial, manufacturing, civic, retail, hotels, office buildings, and mixed-use. 

The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that are creating much needed jobs.  NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC is also providing funding for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  NYCRC funding is also being used to assist with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront. 

“The NYCRC is helping to spur job creation and economic development throughout New York City while also assisting families begin a new life in America,” said NYCRC Managing Principal Paul Levinsohn.

“We look forward to continuing our track record of providing funding for critical real estate development projects in the city,” added NYCRC Managing Principal George L. Olsen.

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