Support for the EB-5 Regional Center Program
The EB-5 Regional Center program is supported by mayors and local economic development officials who see the value of the program first-hand.
– The U.S. Conference of Mayors recently endorsed permanent authorization of the regional center program, noting that EB-5 has become a vital source of urban redevelopment funds.
– Dallas Mayor Michael Rawlings said, “The EB-5 Program enables regional centers to be a key economic driver in their communities, creating desperately needed jobs in a tough economic environment.”
– Mark Jaffe, president of the Greater New York Chamber of Commerce, has called EB-5 “a common sense job creator that is straightforward with no cost to U.S. taxpayers,” and cited the program as “an important ingredient” in the success of “large-scale, public/private real estate projects that create much needed jobs in areas of high unemployment.”
According to the Association to Invest in the USA (IIUSA), a membership organization representing 116 federally designated EB-5 Regional Centers across the country serving 39 states/territories, a comprehensive, peer-reviewed economic study found that during fiscal year 2012, investments made through the EB-5 program contributed $3.39 billion to U.S. GDP and supported over 42,000 U.S. jobs. This is more than a 100 percent increase from the average annual impact result reported in 2011.
Even greater economic impact will likely be reported for 2013, with significant growth in EB-5 investor applications seen in the last two years. Currently, there are over 7,000 pending EB-5 investor applications representing $3.5 billion in potential direct investment and 70,000 jobs.
Posted by Michael B. Dye, Esq.