New RCs (CA, CT, DC, GA, IL, IN, MA, MD, NC, NH, NJ, NV, NY, PA, RI, VA, WA)

July 29, 2014 1 Comment

I’ve been busy recently and haven’t had news to break, but will emerge from the pile of paper on my desk to post my usual update of newly approved Regional Centers (which continue to redefine what qualifies as “focus on a geographic region”). For detail on what else has been said and done in EB-5 world over the past few weeks, I recommend you to http://iiusa.org/blog/. Also note that the June 2014 Regional Center Business Journal (online at http://issuu.com/iiusa) has some excellent content, including an article unraveling the intricacies of New Market Tax Credits and their potential in combination with EB-5, an article on Targeted Employment Area data changes, an article on how to approach escrow and fund administration if a broker-dealer will be involved in the offering, and an article that summarizes analysis by yours truly of 2013 Regional Center approval letters.  EB-5 Investors Magazine (http://magazine.eb5investors.com/) Spring 2014 edition is also very interesting. I question the information and conclusions in a few of the articles, but overall the publication is thought-provoking and substantial, with Meyer & Peng’s article on Due Diligence and Dual Representation in EB-5 Cases being particularly worth a read. Also, I can’t help smiling every time I look at the cover. Both these publications are rather tough to read online, but are available in print.

Additions to the USCIS Regional Center List, 7/8/2014 to 7/29/2014

  • Cal Pacific RC LLC (California)
  • SPG Regional Center, LLC (California)
  • EB5 Regional Center of America LLC (Connecticut, New Jersey, New York): www. EB5RCA.com
  • Northeast Regional Center, Inc. (Connecticut, Delaware, District of Columbia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia): www. pathwayseb5.com
  • EB5 Affiliate Network State of Georgia Regional Center, LLC (Georgia): www.eb5affiliatenetwork.com
  • Tur Partners Metropolitan Regional Center, LLC (Illinois, Indiana, Wisconsin): turpartners.com
  • Nevada Investment Regional Center, LLC (Nevada)
  • L&L New York Regional Center, LLC (New Jersey, New York)
  • New York Green Hotel Regional Center LLC (Connecticut, New Jersey, New York)
  • Carolina Growth Regional Center, LLC (North Carolina) http://www.carolina-eb5-regionalcenter.com/
  • Pacific Northwest Investment RC, LLC (Washington State)
  • Seattle Area Regional Center, LLC (Washington State): seattlearearegionalcenter.com
  • Name change from Utah High Country Regional Center to Golden Lamp Regional Center, Inc. (Utah): www.goldenlampregionalcenter.com

Filed under New RC

RIMS II Update, 5/31 Processing Times, New RCs (AZ, CA, FL, NV, TX)

July 8, 2014 Leave a comment

News from the Bureau of Economic Analysis regarding RIMS II:

BEA to Release Modified Regional Input-Output Model in 2015
The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II). Cost savings will be realized because the modified model will be updated less frequently.
Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.
However, the modified model will be updated with new input-output (I-O) data only for benchmark years. That is — years ending in 2 and 7. The modified model will become available to customers in 2015 and incorporate 2007 benchmark I-O data and 2012 regional economic data.
Last year, as a result of budget sequestration and reduced funding levels, BEA discontinued updates to RIMS II. Orders for RIMS II multipliers, however, have continued to be accepted because the cost of fulfilling these orders is covered by a nominal processing fee.
After investigating ways to continue to meet the analytical needs of our customers but do so at a lower cost to BEA, the bureau decided to make a modified economic model available. Until the modified model is available in 2015, customers may continue to buy RIMS II multipliers.

USCIS has updated Processing Time Information for the Immigrant Investor Program Office. Average processing times for EB-5 petitions as of 5/312014 were 13.2 months for I-526, 7.9 months for I-829, and 5.4 months for I-924 (the previous report showed 12.4, 8.7, and 4.4 months respectively). The USCIS Regional Center page explains that the estimated time for I-924 processing went way down last month because USCIS stopped including I-924A in the average (and due to increased efficiency).

Additions to the USCIS Regional Center List, 6/24/2014 to 7/8/2014

  • RCI Arizona Regional Center, LLC (Arizona)
  • Encore California RC, LLC (California): encoreeb5.com
  • Front Burner Restaurants Regional Center – Southern California (California)
  • SoCal Regional Center, LLC (California)
  • EB5 Affiliate Network State of Florida Regional Center, LLC (Florida): www.eb5affiliatenetwork.com
  • EB5 Affiliate Network State of Nevada Regional Center, LLC (Nevada): www.eb5affiliatenetwork.com
  • Renewable Texas Energy Regional Center (Texas): texaseb5rc.com

Filed under EB-5 Resources, New RC