The Northeast and NYC are catching up to California in use of EB-5 financing (at its simplest, the program encourages foreign investment in US companies that create jobs by fast-tracking green cards for investors), says Homeier & Law’s Clem Turner, who also spoke at our event. In 2011, nine New York companies were approved for EB-5 programs and 49 in California; as of Feb. 1, those numbers had increased to 30 and 109. Clem has done deals from $4M to $400M, and the SEC's max before a company has to make public reports is $1B. Hotels now can raise more EB-5 money per project, as the Department of Commerce has given the go-ahead to start factoring hotel visitors’ spending into the number of jobs the hotel creates.
NYC: EB-5 Is Getting Easier
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Clem Turner
, The Northeast
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