NYCRC announces 500th I-829 approval issued in NYCRC projects

NEW YORK, NY – March 16, 2015 – The New York City Regional Center (“NYCRC”) is pleased to announce that the 500th I-829 Petition approval notice has been issued for EB-5 investors who have invested in NYCRC projects.  The issuance of an I-829 Petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States.  Permanent residence permits 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 NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure EB-5 investment in real estate projects within Brooklyn, Queens, Manhattan, and the Bronx.  NYCRC was the first regional center approved in New York City.  The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City. 

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.  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 has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district.  NYCRC funding is being used to assist with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the Bronx and Washington Heights business corridors.  NYCRC will also provide capital to assist with the construction of a wireless infrastructure network in select New York City underground subway stations. 

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