In an article from October contributed to the Huffington Post, Executive Director of Invest In The USA (IIUSA), Peter D. Joseph, wrote about the major role EB-5 will have in the restoration of hurricane ravished communities.
"Historic devastation must be met with historic restoration," states Mr. Joseph, who sees EB-5 as the pathway to helping rebuild Houston, Miami, and Puerto Rico.
The article, "EB-5: A Tool for Economic Revitalization in the 21st Century" sites the positive impact EB-5 already had on Mississippi following Hurricane Katrina, saying:
"In a story emblematic of how EB-5 can put low-cost capital to work in the aftermath of devastation, in Gulfport, Mississippi following the aftermath of Hurricane Katrina we saw a real impact. Vacant for more than a decade, described as “old” and “derelict”, Gulfport’s Markham Hotel is set to be transformed into a sprawling 120-room Hyatt Place thanks to $30 million in EB-5 capital. The hotel, along with a new EB-5-funded aquarium and casino, won’t just accommodate guests – it will accelerate Gulfport’s downtown development. Consider the catalytic potential of greenlighting similar projects throughout the two states that now need it most."
The article also states that $274,000,000 in EB-5 investor capital is seeking to finance seventeen projects in Houston. An estimated 8,768 jobs could be created as a result. In Miami, the article states that $885,500,000 in EB-5 investor capital is seeking to finance twenty-one projects which could create an estimated 28,336 jobs for qualified U.S. workers.
Why is EB-5 capital important?
The EB-5 Program was created by Congress in 1990 as a way to stimulate the economy and create jobs for qualified U.S. workers. In exchange for investing $1 million or, in most cases, $500,000 capital, into job-creating projects, qualified foreign investors and their families can obtain U.S. lawful permanent residency (green card status).
When traditional methods of obtaining capital for projects are challenging, EB-5 offers an alternative financing option that does not cost taxpayers anything. It's a low-cost solution to traditional financing options. Typically, an EB-5 investor's primary goal is to obtain green cards for themselves, their spouses and their unmarried children under the age of 21, not to obtain a high return on their investment.
For more information about the EB-5 Program, send us a message.