Thursday, June 18, 2015

CiF Regional Center Update: New Approvals!

CiF is pleased to announce that we have received new approvals from the USCIS for two of our EB-5 projects!

EB-5 Investors who helped finance Phase II of the Uptown project in University Circle are now receiving I-526 approvals! The Uptown expansion consisted of the construction of a new mixed-use retail and residential building, which houses The Corner Alley and student apartments for the Cleveland Institute of Art.  A group of foreign investors, working through CiF, is placing $5 million USD into the project, helping to complete the overall project financing.

Further, the Flats East Bank Phase II EB-5 project has received I-924 approval from the USCIS, meaning that the agency has accepted the project’s business plan as well as the economic methodology that will later determine the project’s total job creation.

This is an important milestone for any EB-5 project, since creating new jobs is one of the key criteria an EB-5 investor must meet in order for the investment to result in permanent US residency. 

CiF is pleased that we have been able to deliver positive outcomes for our investor clients while using their capital to help boost economic development and job creation in Greater Cleveland.