EB-5 Expert Describes Major Role EB-5 Program Will Have In The Restoration Of Hurricane Ravished Communities

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.

In fiscal years, 2012 and 2013, EB-5 investors contributed more than $5 billion into more than 500 projects, creating an estimated 174,000 jobs.

For more information about the EB-5 Program, send us a message.