New York, NY, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its George Washington Bridge Bus Station and Infrastructure Project II offering (“Project”). I-829 petition approvals have now been issued in 18 NYCRC offerings. To date, 1,985 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,657 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
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 individuals 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 the age of 21 are also authorized to live, work, and attend school anywhere in the United States.
The Project involved the second phase of construction work related to the redevelopment of the GWB Bus Station into a modern transit and retail hub. Construction of the Project is complete and EB-5 capital was spent on qualified construction expenditures. The Project is the second NYCRC offering that provided funding for the redevelopment of the GWB Bus Station. To date, 136 I-829 petition approvals have been issued to EB-5 investors participating in the first offering.
About NYCRC
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 regional center approved in New York City. Over the past 15 years, NYCRC has put over $1.5 billion of capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
- $811 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $383 million in the Brooklyn Navy Yard;
- $108.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone);
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets; and,
- $220 million to finance ground-up construction in the Bronx.
In addition, a NYCRC-managed entity has received six separate new market tax credit awards from the U.S. Department of Treasury totaling $265 million. These annual allocations have provided a unique opportunity for NYCRC to broaden its mission of providing financing to underserved areas of New York City. Since 2016, NYCRC tax credit capital has helped fund construction of six new charter schools in Brooklyn, Harlem, and the Bronx as well as the National Urban League’s new headquarters in Harlem which includes New York City’s first civil rights museum.
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