Established in 2008, the New York City Regional Center (NYCRC) provides financing for job-creating real estate projects in New York City. The NYCRC has raised over $1.1 billion of capital to help fund a series of critical public/private developments in Brooklyn, Queens, Manhattan and the Bronx.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS), a division of the United States Department of Homeland Security, to raise capital via the EB-5 program. Congress created the EB-5 program to stimulate economic development through foreign investment. The program’s mandate is to use foreign investment to spur job creation while simultaneously affording eligible foreign investors the opportunity to become lawful permanent residents of the United States.
Since its designation by USCIS, the NYCRC has worked closely with economic development agencies and governmental entities, as well as private developers designated by such government entities, to provide loans for real estate projects in New York City that create jobs in areas of high unemployment.