NYCRC MILESTONES Print

NEW YORK, NY – February 15, 2013 – The New York City Regional Center (“NYCRC”) is pleased to announce that the United States Citizenship Immigration Services (“USCIS”) has  issued the first I-829 petition approvals to EB-5 investors participating in the NYCRC’s Brooklyn Navy Yard Project I.  The issuance of the I-829 petition approval removes the conditional status and deems the investor to be a lawful permanent resident of the United States.  Permanent residence permits EB-5 investors to live and work anywhere in the United States, and be protected by the laws of the United States.  An investor’s spouse and children are also authorized to live, work and attend school anywhere in the United States.

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. 

In 2008, the NYCRC was approved by USCIS to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  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 create much needed jobs and investment.  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. 

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