ILW.COM - the immigration portal Immigration Daily

Home Page


Immigration Daily

Archives

Processing times

Immigration forms

Discussion board

Resources

Blogs

Twitter feed

Immigrant Nation

Attorney2Attorney

CLE Workshops

Immigration books

Advertise on ILW

VIP Network

EB-5

移民日报

About ILW.COM

Connect to us

Make us Homepage

Questions/Comments


SUBSCRIBE

Immigration Daily


Chinese Immig. Daily




The leading
immigration law
publisher - over
50000 pages of
free information!
Copyright
© 1995-
ILW.COM,
American
Immigration LLC.

View RSS Feed

ILW.COM EB-5 Blog

California Announces Special TEA Designation Process for EB-5 Investment

Rating: 3 votes, 3.67 average.

The Office of Business and Economic Development at the California
Governor's Office, otherwise known as GoBiz, announced on Monday, May 6, that the
state of California is offering a new form of applying for TEA designation for projects
wishing to raise EB-5 investment. TEA designation, or Targeted Employment Area,
is given to areas that are rural or have an unemployment rate of at least 150%
of the national average in the United States.


Not securing TEA designation can be highly damaging to
projects. Without TEA designation, EB-5 investors will be required to place $1
million into a U.S. business (versus the $500,000 required if the investment is
made into a TEA) and it will be much more difficult for the project to secure
EB-5 funding.


Earlier this week, an open conference call for stakeholders
was held by the Deputy Director, Paul Oliva, of International Affairs and
Business Development at the GoBiz, to confer on the Special TEA designation
process that California is implementing.


The Special TEA application process is effective beginning
May 1, 2013, and is supplemental to the existing designation of individual
census tracts, rural areas, counties and cities. Under the new system, a
project that does not qualify for TEA designation may apply if it is surrounded
by twelve or fewer contiguous census tracts with an unemployment rate of 150%
the national average.


Before April 2012, the State of California permitted TEA
classification in specific geographic zones, such as those defined as enterprise
areas, but GoBiz found the process to be too troublesome and took up too much
time. Until May 6, California businesses wishing to use EB-5 capital could only
acquire TEA designation in different census tracts, towns, cities, counties,
metropolitan statistical areas (MSA), census designated places (CDP) and rural zones
meeting the unemployment requirement. If the project did not meet these
criteria, the State of California did not approve TEA designation, regardless
of whether or not the area around the planned project location met the
requirements. Meanwhile, other states have been known to allow different
combinations of adjoining census tracts and the required unemployment rate, as
long as it meets 150% of the national unemployment average. California opted to
streamline TEA designation and reduce workloads.


Under this new application system, EB-5 projects can apply
for a custom TEA certification. In order to apply, a map of the project address
and a table detailing each census tract and the respective unemployment rate
must be submitted. In addition, applicants must submit a letter supporting the
EB-5 project from the Economic Development Corporation (EDC) in the city or
county where the project is planned to be established. The Governor's Office
will provide a template for the letter; the letter must show support and
agreement that the census tracts will be a source of workforce in the project. In
this manner, local communities may submit input on how they will be affected by
the project and this process will deter arbitrary TEA designation.


The new process for TEA designation in California is
expected to increase EB-5 capital funding for hotel and other projects in the
state. These projects will create jobs for U.S. workers, at no cost to U.S. tax
payers. To learn more about the EB-5 Immigrant Investor Program, visit EB5Investors.com.

Submit "California Announces Special TEA Designation Process for EB-5 Investment " to Facebook Submit "California Announces Special TEA Designation Process for EB-5 Investment " to Twitter Submit "California Announces Special TEA Designation Process for EB-5 Investment " to Google Submit "California Announces Special TEA Designation Process for EB-5 Investment " to StumbleUpon Submit "California Announces Special TEA Designation Process for EB-5 Investment " to Reddit Submit "California Announces Special TEA Designation Process for EB-5 Investment " to Digg Submit "California Announces Special TEA Designation Process for EB-5 Investment " to del.icio.us

Tags: None Add / Edit Tags

Comments

Page 1 of 4 123 ... LastLast
  1. Jim Dale's Avatar
    Is a county a cencus tract? Can we use twelve contiguous counties' unemployment rates?
  2. michealjohn's Avatar
    This is an excellent post I seen thanks to share it. It is really what I wanted to see hope in future you will continue for sharing such a excellent post.
    subway surfers hacked apk
    coc free juwelen
  3. thomasq's Avatar
    Your site has grown a one-stop find as much as possible tutorial authoring. Thanks for your time in the very good get the job done. As i tested the online sites one preferred and even On the net which will best-dissertation.pores and skin look though. Ones own get the job done is kind of exemplary.
    time tracking app
  4. amirqsd's Avatar
    With thanks for those helping blog you?ve really been making. I had shied off making feedback as news got around at this time .
    parmanent make up berlin
  5. alisww's Avatar
    Which might succeed short-term, still it?s truly realistic long-term formula just for boys who want to come to be bring back a specialized child individuals can?t eliminate serious about.
    zuckerpaste
  6. japan.comp234's Avatar
    Nice blog and absolutely outstanding. You can do something much better but i still say this perfect.Keep trying for the best.

    twitter followers

    buy youtube views
  7. japan.comp234's Avatar
    All the contents you mentioned in post is too good and can be very useful. I will keep it in mind, thanks for sharing the information keep updating, looking forward for more posts.Thanks

    get free instagram followers no survey

    how to get alot of likes on instagram fast
  8. monstrkd's Avatar
    Cheers pertaining to delivering the latest changes in connection with worry, My spouse and i expect go through additional.
    howtodebtnegotiation.com
  9. raniokoye's Avatar
    I guess a way of fine tuning a process, I'll have to look more into it, for now, I'll my Acpi work and other stuff. But interesting development, nonetheless.
  10. BlackMen's Avatar
    Your site has grown a one-stop find as much as possible tutorial authoring. wedding events
  11. michealjohn's Avatar
    it's truly cute plus meanful. it's truly composed blog. Linking is really practical item.you own truly helped multiples of persons who stopover blog also give them usefull info.
    UGG Australia Sheepskin Boots And Slippers
  12. jackman10's Avatar
    Blue Paisley Fine Rugs is Toronto?s newest premier provider of luxurious high quality rugs offering the widest selection in size, colour and services. We believe that every fine rug tells a story and manifests a tradition; it is an investment for generations to come and selecting one should be a tailored fulfilling experience. Our family works closely with our clients and suppliers to ensure that every selection leads to satisfaction for decades.
    midtown rug store
  13. monsteik's Avatar
    Decent Blog post, My group is a good believer on advertisment observations at online sites to help you allow web log people know theyíve applied a product favorable to help you the online world!
    permanent make-up augenbrauen
  14. monstermlf's Avatar
    Thanks for this great post, i find it very interesting and very well thought out and put together. I look forward to reading your work in the future.*
    indian dramas online
  15. michealjohn's Avatar
    I use only high quality materials - you can see them at:
    Crazy Bulk Anabolic Steroids
  16. michealjohn's Avatar
    The best article I came across a number of years, write something about it on this page.
    AftabIqbal
  17. thomasqq's Avatar
    That might get the job done short-term, though it?s a fantastic good long-term treatment designed for gentlemen who wish to end up one of the keys you extraordinary daughter some people can?t discontinue making plans for. day trade alerts
  18. monsjde's Avatar
    As i considered together your site because May possibly learned a lot of around ones own content articles. Lucky to imply, that gossip well spoken; you may be top notch during this. You want a powerful to support all of us for one long run mission My group is concentrating on. We could not even go through your current blogging as a result I'm hoping it is easy to indicate you soon enough or to locally to all of us.
    vidpush review
  19. thomasqq's Avatar
    Checking any blog may make others just want to come up with a greater number of. I did a fabulous which i was first lovely content by means of. The software most likely conducted for the tier still it’s exceptional. I often dispatch you will the hyperlink so it’s possible to calculate the software in my position you will be your thoughts. sistemas de seguridad
  20. thomasqq's Avatar
    Beneficial blog site and also the fantastic excellent material in addition to I’m guaranteed this will be enormously very helpful. free delivery Los Angeles area
Page 1 of 4 123 ... LastLast
Put Free Immigration Law Headlines On Your Website

Immigration Daily: the news source for legal professionals. Free! Join 35000+ readers Enter your email address here: