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The New York City Regional Center (NYCRC) secures capital for real estate and infrastructure projects throughout New York City. Established in 2008, NYCRC has provided over $1.5 billion of capital to help fund a broad spectrum of economic development projects in Brooklyn, Queens, Manhattan, and the Bronx. These projects have successfully utilized NYCRC financing to assist in the construction of over 3.5 million square feet of new development and renovation as well as infrastructure upgrades resulting in thousands of new jobs for New Yorkers.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS), a division of the United States Department of Homeland Security, to secure foreign investment under the EB-5 Immigrant Investor Program. The company was the first designated regional center in New York City.
The NYCRC has provided over $1.5 billion of capital to fund a wide variety of real estate and infrastructure projects in New York City. To date, 21 economic development projects have successfully utilized NYCRC financing to assist in the construction of over 3.5 million square feet of new development and renovation as well as infrastructure upgrades. [1] Much of this capital has been invested in underserved areas of New York City in need of long-term economic growth. Examples include:
Examples of economic development projects utilizing loans provided by NYCRC-managed funds include the following:
As the manager of the lender, the NYCRC has been deemed a Recognized Mortgagee, Recognized Lender, and/or Institutional Investor by the following New York government entities: City of New York; State of New York; Port Authority of New York & New Jersey; New York City Economic Development Corporation; Battery Park City Authority; Brooklyn Navy Yard Development Corporation; and the Metropolitan Transportation Authority.
Over the past two years, the United States Department of Treasury has awarded a total of $65 million in New Market Tax Credit allocations to a NYCRC-managed entity. To receive this allocation, the NYCRC was required to demonstrate a mission and long-term track record of investment in low income communities.
In addition to helping to fuel economic development in New York City, NYCRC offerings have enabled over 4,650 individuals [2] to become permanent residents of the United States through the EB-5 Immigrant Investor Program. Over 5,770 individuals have also received conditional residency in the United States. Investors in NYCRC offerings have received approximately 1,600 I-829 petition approvals.
Over 3,000 individuals from over 29 different countries have invested in NYCRC project offerings to date. These countries include Belarus, Brazil, Canada, China, Colombia, Dubai, Ecuador, Egypt, France, Germany, Great Britain, India, Indonesia, Italy, Japan, Jordan, Macau, Mexico, Nepal, Netherlands, Nigeria, Poland, Russia, South Korea, Switzerland, Taiwan, Turkey, Venezuela, and Vietnam.
The EB-5 program was established in 1991 by the United States Congress to stimulate economic development through foreign investment. [3] The program's mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors and family members to become lawful permanent residents of the United States. Over the past fifteen years, the EB-5 program has grown and become an effective economic development vehicle throughout the nation as well as a growing visa option for families around the world.
Through the EB-5 program, a person and their immediate family members can obtain permanent residency in the United States by investing $500,000 into a USCIS-approved project located in a Targeted Employment Area which creates a minimum of 10 jobs for U.S. workers. The majority of foreign investors participate in the EB-5 program by investing in commercial enterprises managed by designated “regional centers”. Regional centers are entities approved by USCIS to secure foreign investment under the EB-5 program and to use such investment to promote job creation with a defined geographic area.
The economy of Kazakhstan is the largest in Central Asia in both absolute and per capita terms. Kazakhstan has attracted more than $370 billion of foreign investments since becoming an independent republic after the collapse of the former Soviet Union.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
The Overseas Private Investment Corporation (OPIC) was the United States government's development finance institution until it merged with the Development Credit Authority (DCA) of the United States Agency for International Development (USAID) to form the U.S. International Development Finance Corporation (DFC). OPIC mobilized private capital to help solve critical development challenges and, in doing so, advanced the foreign policy of the United States and national security objectives.
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Redevelopment is any new construction on a site that has pre-existing uses. It represents a process of land development uses to revitalize the physical, economic and social fabric of urban space.
Adolfo Carrión Jr. is an American businessman and former elected official from City Island, located in New York City, New York. He has three sisters Elizabeth Carrión-Stevens, Damaris Carrión-Harris and Lizette Carrión. He served one term as a member of the New York City Council, representing the 14th district. He served for seven years as the borough president of the Bronx, for a year and five months as the first director of the White House Office of Urban Affairs in the Obama Administration, and then for nearly two years as Regional Administrator for HUD's New York and New Jersey Regional Office. He left HUD in February 2012.
Forest City Realty Trust, Inc. was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
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The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program, created in 1990 by the Immigration Act of 1990, provides a method for eligible Immigrant Investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a business in the United States that will employ at least 10 American workers. The current investment amount is controversial as USCIS has not updated their website nor issued guidance in light of a federal judge, in June 2021, striking down the 2019 EB-5 “modernization” regulation. The judge found the 2019 regulation which increased the investment threshold from $500,000 to $900,000 invalid as it was enacted by government officials not properly appointed to their post in violation of the 1998 Federal Vacancies Reform Act (FVRA).
The Kingsbridge Armory, also known as the Eighth Regiment Armory, is a decommissioned armory at Jerome Avenue and West Kingsbridge Road in the Kingsbridge neighborhood of the Bronx in New York City. It was built in the 1910s, from a design by the firm of then-state architect Lewis Pilcher to house the New York National Guard's Eighth Coast Defense Command, a regiment-sized unit which relocated from Manhattan in 1917. It is possibly the largest armory in the world.
Diplomatic relations between the United States and Suriname were established on 23 January 1976. Suriname has an embassy in Washington, D.C. since 1976, and a consulate in Miami. The United States had a consulate in Paramaribo since 25 November 1975, the date of independence which was upgraded to an embassy on 18 February 1976.
The Urban Redevelopment Authority of Pittsburgh (URA) is the City of Pittsburgh’s economic development agency, committed to creating jobs, expanding the City’s tax base, and improving the vitality of businesses and neighborhoods. The URA achieves this mission by assembling, preparing, and conveying sites for major mixed-use developments; and by providing a portfolio of programs that include financing for business location, relocation and expansion, housing construction and rehabilitation, and home purchases and improvements.
Immigrant investor programs are programs that allow individuals to obtain residence or citizenship of a country in return for making qualifying investments.
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