Milestone Achieved: NYCRC Secures Full I-829 Approvals
NYCRC Achieves Milestone with I-829 Approval
New York City Regional Center (NYCRC) has made a remarkable stride in its operations with the issuance of I-829 petition approvals to EB-5 investors involved in its various projects, including the pioneering JFK International Airport Project. This accomplishment marks a significant milestone as approvals have been granted across all twenty-one of its offerings.
Since the inception of these offerings, NYCRC has issued a total of 2,209 I-829 petition approvals, leading to 6,334 individuals, including EB-5 investors and their families, attaining permanent residency in the United States. This achievement not only signifies success for the investors but also reflects NYCRC’s commitment to facilitating the pathway to lawful permanent residency through its initiatives.
Understanding the I-829 Petition Process
Receiving an I-829 petition approval is a crucial step for EB-5 investors, as it allows them to transition from conditional status to lawful permanent residence. This status not only grants these individuals the ability to live and work freely throughout the U.S. but also provides their spouses and children under 21 with the same privileges. The process is designed to offers them the security and stability needed to build a future in the United States.
NYCRC's Commitment to Investors
Paul Levinsohn, Co-Managing Principal of NYCRC, expressed his gratitude towards the team for their dedication over the past 17 years in achieving this milestone. "Obtaining permanent residency in the U.S. is the ultimate goal of our offerings, and we are thrilled to announce this achievement." His sentiments were echoed by fellow Co-Managing Principal, George Olsen, who highlighted the trust that EB-5 investors place in NYCRC and extended congratulations to the investors and their families.
About NYCRC and Its Role in Economic Development
Approved by the United States Citizenship and Immigration Services in 2008, NYCRC plays a vital role in securing foreign investments aimed at real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Created by Congress, this program seeks to boost economic development by facilitating foreign investment for job creation while offering eligible investors a path to permanent residency.
NYCRC stands out as the first EB-5 regional center in New York City, having garnered a reputation for diligence and success in its projects. The organization has effectively leveraged its connections to attract significant financial support and actively aids in the growth of underserved communities.
Support through Tax Incentives
Since 2016, a NYCRC-managed entity has successfully obtained seven annual tax credit awards totaling $315 million from the U.S. Department of Treasury. These awards are part of the New Market Tax Credit Program, initiated by Congress to foster private investments that drive economic growth in low-income communities, highlighting NYCRC's commitment to revitalizing urban areas.
Investments Driving Growth in New York
Throughout its operational history, NYCRC has deployed $1.58 billion in EB-5 capital alongside $315 million from New Market Tax Credits in a diverse range of infrastructure and real estate projects across New York City. This strategic investment focuses on areas that are in dire need of economic revitalization.
Some notable allocations include:
- $873 million allocated for ground-up, redevelopment, and infrastructure projects in Brooklyn, which includes operations in the historic Brooklyn Navy Yard.
- $321 million invested in ground-up construction projects throughout the Bronx.
- $232.5 million dedicated to creating a high-speed wireless infrastructure network in subway stations and city streets within New York City.
- $127.5 million directed towards construction and redevelopment in Washington Heights, an empowerment zone in Upper Manhattan.
In total, 41 projects across New York City have benefited from NYCRC financing, leading to over 5 million square feet of development and renovation, along with vital infrastructure initiatives.
Frequently Asked Questions
What is the I-829 petition process?
The I-829 petition process allows EB-5 investors to convert their conditional resident status into permanent residency, confirming they have met the required investment criteria.
How many approvals has NYCRC issued?
NYCRC has issued 2,209 I-829 petition approvals, benefiting over 6,334 individuals and their families.
What is the EB-5 Immigrant Investor Program?
This program enables foreign investors to obtain permanent residency by investing in U.S. businesses that create jobs and stimulate economic development.
How does NYCRC support community development?
NYCRC invests in various infrastructure and real estate projects, focusing on low-income communities to promote economic growth and job creation.
What are New Market Tax Credits?
These credits incentivize private investment in low-income areas by providing federal tax credits to investors, encouraging capital to flow into underserved communities.
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