New York, NY, March 26, 2025 (GLOBE NEWSWIRE) -- With the issuance of the first I-829 petition approvals to EB-5 investors participating in its JFK International Airport Project, the New York City Regional Center ("NYCRC”) is pleased to announce that I-829 approvals have now been issued in all twenty-one of its offerings. To date, 2,209 I-829 petition approvals have been issued to investors in NYCRC offerings resulting in 6,334 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
An I-829 petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States. Permanent residence permits individuals to live and work anywhere in the U.S. and be protected by the laws of the U.S. An EB-5 investor's spouse and children under the age of 21 are also authorized to live, work, and attend school anywhere in the U.S.
"The issuance of I-829 petition approvals in every one of our project offerings is the result of 17 years of diligence by our team,” said Paul Levinsohn, Co-Managing Principal of NYCRC. "I want to thank them for their hard work. Obtaining permanent residency in the U.S. is the investment objective of our offerings. We're very excited to announce this new milestone.”
"We know that EB-5 investors and their families put their trust in our ability to assist them in obtaining permanent residency,” said George Olsen, Co-Managing Principal of NYCRC. "Our congratulations to the EB-5 investors and their families.”
About New York City Regional Center
NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program's mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States. NYCRC was the first EB-5 regional center approved in New York City.
In addition, since 2016 a NYCRC-managed entity has received seven separate annual tax credit awards totaling $315 million from the U.S. Department of Treasury. To receive a New Market Tax Credit allocation award, the company was required to demonstrate a mission and track record of providing investment capital in low-income communities. The New Market Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in underserved urban areas and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment. The program aims to break this cycle by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.
Over the past 17 years, NYCRC has put $1.58 billion of EB-5 capital and $315 million of New Market Tax Credit capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in underserved areas in need of long-term economic growth. Examples include:
- $873 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $385 million in the Brooklyn Navy Yard
- $321 million to finance ground-up construction in the Bronx
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets
- $127.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone)
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CONTACT: info@nycrc.com
