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What happens to an EB-5 project if the unemployment rate of its TEA falls below 150% of the national average?

I am a potential EB-5 investor looking at a project in a TEA where the unemployment rate seems to have decreased below 150% of the national average. The EB-5 project broke ground a few years ago when the local unemployment rate met the TEA requirements. However, looking at the employment statistics now, the unemployment rate is most likely to be below the 150% threshold. Does this affect the minimum investment I will need to invest to qualify for EB-5?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    If it qualifies at the time you file the I-526 petition, this should be fine.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    Each I-526 applicant has to meet the requirements at the time of filing.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    If it qualifies as a TEA at the time you apply, that should be acceptable.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    The investment amount will not be affected regardless of the falls in the unemployment rate in any of these TEAs. Also, as a potential investor, it is advisable you should seek consultation with an EB-5 attorney. Furthermore, be aware that a new regime of rules and regulations in the impending EB-5 regulations, beginning from Nov. 21, are likely to affect your investment if you wait beyond Nov. 21.

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    Charles Foster

    Immigration Attorney
    Answered on

    If a project is approved based upon a qualified TEA, it is not likely that there will be a periodically re-calculation of whether or not the TEA still meets the requirement. It would all depend upon the timing and other factors, but there is not a continuous requirement that a TEA be updated. This is particularly true given the fact that the unemployment rates, in terms of both the national average and in any given census tract, are constantly changing.

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    Phuong Le

    Immigration Attorney
    Answered on

    TEA eligibility is generally calculated at the time of I-526 filing (or when the funds are fully committed to the NCE). Easiest way to find out is to ask the project for proof that it remains a TEA right now.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    They would normally only look at the statistics at the time you filed.

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    Stephen Berman

    Immigration Attorney
    Answered on

    I would assume it does. And check out the new EB-5 rules which will change how TEAs are designated.

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    Marko Issever

    EB-5 Broker Dealer
    Answered on

    I am assuming that the regional center you are dealing with has a valid TEA designation letter. Once issued, those designations are generally valid for one year. If the TEA letter is still valid by the time you file your I-526 petition or at least make the required investment, you should still qualify for the lower investment amount.

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    Yes, based on the info provided, it seems this project no longer qualifies for a $500,000 investment, as the TEA qualification is determined at the time of I-526 filing.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    The unemployment rate which applies is the unemployment rate when the I-526 petition is filed.

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