Eb5Investors launches free interactive TEA tool with Impact DataSource
EB-5 professionals and investors are now able to quickly find out if their project is located in a Targeted Employment Area by entering the address in our new TEA finder. The free service, available at https://tea.eb5investors.com in a collaboration with Impact DataSource, lets the user know if their site qualifies as a TEA that will allow the investor to potentially move forward with the $900,000 investment amount for EB-5. With a click of a button, investors can also find out how the area’s local unemployment rates are trending due to COVID-19.
“Impact DataSource is excited to partner with EB5investors.com for an updated release of the TEA Finder & Forecaster,” said Michael Kester, economist at Impact DataSource. “Due to the nuances of the new TEA rules, combined with the impacts of COVID-19, we feel that the app is an invaluable tool for EB-5 stakeholders for not only making an initial TEA determination, but also for analyzing trends to help predict how the TEA status of a project might change over time.“
For metro-area projects, an EB-5 site can qualify as a TEA if the area (typically consisting of census tracts) has anunemployment rate of at least 150% above the national average. A TEA project site can also qualify as a rural TEA if it is outside of a Metropolitan Statistical Area and also outside a town with more than 20,000 people. A TEA analysis/opinion letter is included as part of the Form I-526 petition. The data used to create the TEA app is based on what USCIS considers “reliable and verifiable” data for TEA determination.
The online process of quickly checking if an area is TEA eligible is a convenient service for EB-5 investors.
“The goal of Eb5 Investors Magazine is to educate investors and service providers around the world about the EB-5 program,” said Ali Jahangiri, founder of Eb5Investors.com. “This valuable TEA tool will allow users around the world to be better equipped when planning their EB-5 journey and projects – a win win for everybody involved.”