Live In America EB-5 Newsletter
Congress extended the EB-5 Regional Center Program with current rules until September 30, 2018.
On March 23rd, Congress passed, and President Trump signed, the Consolidated Appropriations Act 2018 which extended the EB-5 Regional Center Program under current rules until September 30, 2018. The minimum investment amount will remain $500,000 for projects located in Targeted Employment Areas (TEA).
Legislators had released text of proposed new rules on March 8th which would have increased the minimum investment amount to $925,000 and would have changed the criteria for which projects would qualify for that investment level. Other projects would have required $1,025,000. While several industry players supported the new legislation because it would have provided long-term reauthorization of the EB-5 Regional Center Program, there was no final consensus in time to make it into the March 23rd legislation.
Although the EB-5 Program has been extended through September 30, 2018, the Department of Homeland Security can make changes through regulatory action before September even without new legislation. DHS released draft regulations back in January 2017 which proposed minimum investment amounts of $1,350,000 ($1,800,000 for non-TEA projects). Industry players are watching for publication of a “final rule” which would allow DHS to implement the new investment amounts.
Until the final rule is implemented, investors may continue to invest in qualifying projects at the $500,000 level. Please contact Live In America EB-5 if you are interested in learning how to obtain a U.S. green card through the EB-5 Program.
Live In America EB-5 is pleased to announce that another EB-5 investment has been successfully repaid in full.
On March 2, 2018, the sponsors of The Lanes, a residential apartment building in Long Island City, Queens, New York (the “Project”), refinanced the Project and used the proceeds to repay Live In America EB-5’s $4,000,000 EB-5 mezzanine loan. The loan was repaid in full and was received earlier than expected.
Located at 37-10 Crescent Street in Long Island City, the Project is a 57-unit multifamily project with 11,000 square feet of commercial space and associated parking. The Project offers a unique and highly desirable boutique living experience that combines sweeping rooftop views of Manhattan with the exclusivity of a small apartment community.
Live In America EB-5 plans to work with the same development sponsor on its next project, a boutique condominium located on Chrystie Street in lower Manhattan. Marketing of the EB-5 investment opportunity in this project is expected to commence in just a few short months.
An affiliate of Live In America EB-5 successfully raised $4,000,000 to invest in The Lanes from eight individual EB-5 petitioners. Live In America EB-5’s wholly owned subsidiary, Live In America – New York Regional Center, was the regional center sponsor for the Project. Live in America EB-5 plans to redeploy the EB-5 capital in order to comply with EB-5 program requirements that each investor’s capital must remain at-risk until the completion of their 2-year conditional residency period.
Live In America EB-5 looks forward to continuing to service the eight investors and their families on their path to permanent residency and assisting with their settlement here in the United States.
Poornima Vuppuluri – Director Investor Relations & Marketing, India
Live In America EB-5 has a new Director, Poornima Vuppuluri (Nima), who will be dividing her time between our New York office and India, working with EB-5 investors in anticipation of their settling in America. Nima is a graduate of Cornell University and NYU’s Real Estate School of Professional Studies. She spent eight years in the field working with investment firms, including financial stalwart Morgan Stanley. We look forward to working with Nima and her EB-5 Americans to-be.
Welcome to the Live In America EB-5 team Nima!