New Foreign Investment Program to Fund Economic Development Projects
Thursday, October 6, 2016
On October 6, Invest Atlanta announced the Invest Atlanta Regional Center, a foreign investment program that will fund economic development projects and new jobs as well as promote the City of Atlanta’s economic development initiatives internationally.
“To increase investment and jobs in Atlanta, we need to leverage all available tools that create meaningful economic and community development projects,” said Dr. Eloisa Klementich, President and CEO, Invest Atlanta.
The Regional Center will provide loans to projects from EB-5 funds contributed by foreign investors. Typically available as low-interest, five-year loans, the EB-5 funds will support projects that create at least 100 jobs. These investments can finance senior or subordinated loans and be combined with IA’s New Markets Tax Credits (NMTC) and Tax Allocation District (TAD) programs.
Invest Atlanta is establishing the EB-5 Regional Center in partnership with GILS Management Group, a private firm that specializes in EB-5 programs. In reviewing and approving projects for funding, the center will give top priority to proposed developments located in federally designated Target Employment Areas (TEAs) throughout the City of Atlanta. It will begin accepting applications from developers for project funding in November.
“We need to think globally about new ideas and options, hence I look forward to working closely with our partners to maximize the positive impact this initiative can bring to Atlanta,” added Klementich.
EB-5 regional centers are designated by U.S. Citizenship and Immigration Services (USCIS) to sponsor capital investment programs funded by foreign investors. The IA center is one of just two government-led EB-5 regional centers in Georgia.Tweet