The Definition of a RURAL TEA:
- An area not located within a metropolitan statistical area (MSA) as designated by the Office of Management and Budget;
- Or the outer boundary of any city or town having a population of 20,000 or more based on the most recent census.
What does a rural TEA mean for industry professionals and investors?
The RIA Act of 2022 created a unique set aside for areas designated as RURAL.
A project that is located in a rural TEA qualifies for priority processing of Form I-526 by United States Citizenship and Immigration Services. These investors will qualify for set-aside visas from the rural TEA classification, which makes up 20% of the yearly allocation of EB-5 visas.
EB-5 MARKET IN NEW YORK: New York is one of the top states in terms of EB-5 investments and creating jobs, according to the U.S. Department of Commerce. New York had 17 EB-5 projects through regional centers and 2,393 investors in regional centers projects in 2012 and 2013, according to the U.S. Department of Commerce.EB-5 Economic Impact Studies showed that EB-5 investments in New York totaled more than $3,4 billion and created 48,230 jobs in 2014-2015. As of May 2020, New York has 97 approved regional centers listed by USCIS.
NEW YORK ECONOMY: New York’s gross state product in 2018 was US$1.7 trillion. If the State of New York were an independent nation, it would rank as the 11th largest economy in the world.New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) of US$2 trillion, ranking first nationally by a wide margin and behind the GDP of only nine nations.
RURAL TEA COUNTIES IN NEW YORK:
- Allegany
Cattaraugus
Cayuga
Chautauqua
Chenango
Clinton
Columbia
Cortland
Delaware
Essex
Franklin
Fulton
Genesee
Greene
Hamilton
Lewis
Montgomery
Otsego
Schuyler
Seneca
St. Lawrence
Steuben
Sullivan
Wyoming
INTERACTIVE RURAL TEA MAP
