What areas in New York qualify for the minimum $500,000 investment? If TEAs are rural areas or areas of high unemployment, is there any chance of one being in Manhattan? How would a TEA in Manhattan get approved?
There are many areas of New York that may potentially qualify for TEA. Even in Manhattan, there is the potential for a smaller geographic area, say a particular census tract or group of census tracts to have the requisite high unemployment rate. There is a New York state agency in charge of issuing TEA designation letters and that agency has the authority to review TEA designation requests.
A Targeted Employment Area or TEA is an area that, at the time of investment, is a rural area or an area experiencing unemployment of at least 150 percent of the national average rate. In Manhattan, there are about a dozen regional centers currently in operation, most located below 42nd St, in what is commonly known as Midtown and Downtown - areas not particularly known by New Yorkers as areas with high unemployment rates. It is, however, possible to gain TEA certification for a project in Manhattan.
You will have to check with the state of New York to find out which agency the Governor has designated to certify TEAs in the state. Then contact that agency.
Areas in cities may be TEAs based upon an analysis of census data and confirmation from the state.
Areas in Manhattan have been approved as TEAs. Areas with 150 percent of the national unemployment rate would have to be collected and certified by the state of New York.
You can work with economists and the state agency in charge of such matters to find out, but please note that the TEA designation at the time of investing or filing the I-526 is most important.
Yes, there are some areas in Manhattan that fall under the TEA. However, all TEA designations in New York are examined on an individual basis. Currently, Bronx County is the only published area which qualifies in its entirety as a TEA.
To qualify for a TEA, you must check with the local city and municipal to verify if they meet the immigration requirement. Any TEA goes through the same immigration scrutiny as a regular EB-5 project once they meet the requirement.
Many areas throughout New York state and particularly New York City qualify for TEA status, including in Manhattan. The NYS Department of Labor handles the TEA certification process.
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