New York City Regional Center Reaches 2,000th I-829 Petition Approval Milestone

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Mar 25, 2024, 10:00 ET

NEW YORK, March 25, 2024 /PRNewswire/ -- New York City Regional Center ("NYCRC") is pleased to announce the 2,000^th I-829 petition approval for EB-5 investors participating in its offerings. These approvals have enabled 5,740 individuals (EB-5 investors and family members) to secure permanent residency in the United States via 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.

"Assisting over 2,000 EB-5 investors secure I-829 petition approvals is the result of sixteen years of hard work by our team," said Paul Levinsohn, Co-Managing Principal of NYCRC. "Obtaining permanent residency in the U.S. is the investment objective of our offerings. We are excited to announce this new milestone."

"We know that EB-5 investors and their families put their trust in our ability to assist them in obtaining permanent green cards," said George Olsen, Co-Managing Principal of NYCRC. "Our congratulations to the EB-5 investors and their families."

About New York City Regional Center

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 sixteen 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:

$813 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including eight projects totaling $385 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 totaling $265 million from the U.S. Department of Treasury. Since 2016, these allocations have provided a unique opportunity for NYCRC to broaden its mission of providing financing to underserved areas of New York City. These tax credit awards have helped fund construction of eight new charter schools in Brooklyn, Harlem, and the Bronx, redevelopment of community healthcare and athletic facilities throughout the city, as well as construction of the National Urban League's new headquarters in Harlem which includes New York City's first civil rights museum.

SOURCE New York City Regional Center