New York, Aug. 14, 2017 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce that over 1,500 EB-5 investors have now received I-829 petition approvals in the company’s project offerings. A total of 1,507 I-829 petition approvals to date have now enabled 4,344 individuals (EB-5 investors and family members) to secure permanent residency in the United States. I-829 petition approvals have now been issued in the NYCRC’s first nine project offerings.
Since the beginning of 2017, over 650 I-829 petitions have been approved and over 1,800 individuals have secured permanent residency through NYCRC offerings.
Permanent residency permits EB-5 investors to live and work anywhere in the United States and be protected by the laws of the United States. An EB-5 investor’s spouse and children under age 21 are also authorized to live, work, and attend school anywhere in the United States.
“We are very excited to reach the 1,500 I-829 petition approval milestone,” said Paul Levinsohn, Managing Principal of the NYCRC. “We know that EB-5 investors and their families put their trust in our ability to help them achieve permanent residency in the United States. Securing over 1,500 I-829 petition approvals is a testament to the NYCRC’s diligent efforts over the past nine years. We congratulate our investors and their families.”
“Over the past nine years ago, the NYCRC has focused on spurring economic development in New York City as well as assisting our EB-5 investors and their families begin a new life in America,” added George L. Olsen, Managing Principal of the NYCRC. “Reaching the 1,500 1-829 approval mark is a major achievement for our company and, of course, for our EB-5 investors and their families.”
Securing over 1,500 I-829 petition approvals represents the latest approval milestone for the NYCRC. Other examples include conditional residency in the United States for over 5,300 EB-5 investors and family members and I-526 petition approvals for over 2,400 EB-5 investors.
A total of $125 million has now been repaid to 250 EB-5 investors in NYCRC’s initial two project offerings.
About New York City Regional Center
The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. The company was the first EB-5 regional center approved in New York City. To date, the NYCRC has secured over $1.4 billion of capital for 21 economic development projects in Brooklyn, Queens, Manhattan, and the Bronx. Examples of projects utilizing loans provided by NYCRC-managed funds include the following:
- redevelopment of the George Washington Bridge Bus Station in Washington Heights;
- construction of a wireless infrastructure network in New York City’s subway stations;
- redevelopment of a new cargo facility at John F. Kennedy International Airport;
- redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
- construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
- expansion of Steiner Studios, New York City’s largest film and television studio;
- construction of the City Point development in Downtown Brooklyn;
- construction of a hotel and medical office complex in Washington Heights;
- construction of key components of the Atlantic Yards redevelopment in Brooklyn;
- expansion of the Hutchinson Metro Center in the Bronx;
- construction of LinkNYC, the public-private initiative that is bringing the nation’s largest and fastest public Wi-Fi infrastructure network to the streets of New York City.
In addition to fueling economic development, NYCRC offerings have enabled over 4,300 individuals to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
For more information about the NYCRC, please visit www.nycrc.com.
###