New York, NY, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The New York City Regional Center (“NYCRC”) is pleased to announce the first I-829 petition approvals issued to EB-5 investors participating in its George Washington Bridge Bus Station and Infrastructure Project II offering (“Project”). I-829 petition approvals have now been issued in 18 NYCRC offerings. To date, 1,985 I-829 approvals have been issued to investors in NYCRC offerings resulting in 5,657 individuals (EB-5 investors and family members) achieving permanent residency in the United States.
An I-829 petition approval removes the conditional status and deems the EB-5 investor to be a lawful permanent resident of the United States. Permanent residence permits individuals to live and work anywhere in the United States and be protected by the laws of the United States. An EB-5 investor’s spouse and children under the age of 21 are also authorized to live, work, and attend school anywhere in the United States.
The Project involved the second phase of construction work related to the redevelopment of the GWB Bus Station into a modern transit and retail hub. Construction of the Project is complete and EB-5 capital was spent on qualified construction expenditures. The Project is the second NYCRC offering that provided funding for the redevelopment of the GWB Bus Station. To date, 136 I-829 petition approvals have been issued to EB-5 investors participating in the first offering.