The State of Michigan EB-5 Regional Center, LLC, headquartered in Lansing, Mich., became a USCIS-designated EB-5 regional center in March 2014. The geographic scope of the regional center includes all counties in the state of Michigan. The State of Michigan EB-5 Regional Center is approved to operate in the industry of restaurants and other eating places.
The State of Michigan EB-5 Regional Center is one of only two EB-5 regional centers in the United States that is managed by the state. The regional center is operated by members of the Michigan State Housing Development Authority (MSHDA) and is part of the Michigan Community Development Corporation (MCDC). An inter-local agreement between the State of Michigan Fast Track Authority Land Bank and the MSHDA created the MCDC, which will work with USCIS and the Michigan Office for New Americans.
Scott Woosley, president and chief executive officer of the Michigan Community Development Corporation, was unanimously elected as the executive director of the agency in charge of promoting community development and affordable housing. He previously co-founded and was a principal in the residential and commercial real estate advisement firm, Labor-Management Fund Advisors LLC (LMFA). Prior to LMFA, Woosley served as the portfolio manager and managing director for a real estate fund with a $1 billion commingled value. In total, Woosley has overseen the due diligence and underwriting for over $2 billion in equity, credit enhancement facilities and participating mortgages. He is a member of the CFA Institute, the International Foundation of Employee Benefit Plans and the American Real Estate Society. Woosley graduated from George Washington University with a bachelor’s degree in accounting and he received his master’s degree from the University of Michigan.
As chief operating officer of the Michigan Community Development Corporation and the State of Michigan EB-5 Regional Center, Joseph Borgstrom oversees the regional center’s operations from investor recruitment to project underwriting to compliance. Borgstrom also oversaw MSHDA’s role in the Michigan Brownfield program, along with its efforts to revitalize the downtown area, with incentives for $2 billion of private investment in Michigan structured by Borgstrom and his team. Borgstrom, who has extensive experience in business development, local development finance and economic development, received his bachelor’s degree in business from the University of Michigan-Flint. He is a Certified Economic Development Finance Professional from the National Development Council.