EB5 Investors Magazine - Page 8

Opportunity and Challenge of The California Governor’s Office of Business and Economic Development (GO-Biz) introduced a new interactive database-mapping tool in October 2014. This new online portal designed for the EB-5 investor program will expedite the application process for certifying targeted employment areas (TEAs). This will not impact which areas can potentially be designated as TEAs, but will make it easier to construct TEAs and allow for quicker response times in issuing TEA letters. The California agency is to be commended for their continued willingness to listen to the EB-5 community and their innovative approaches in streamlining the application process and encouraging job growth through EB-5 investments. the Mapping California TEAs by Elliot Winer Some aspects of the TEA designations will remain the same. For all special TEA designations requiring more than one census tract, applicants will still need to provide a supporting letter from the local economic development corporation (EDC) or county or city in which the project is to be located. The applicant will need to provide to the local agency a listing of each census tract with its corresponding unemployment rate and a map showing the project address. The support letter must indicate the local agency’s concurrence that the proposed census tracts will reasonably be a source of workforce for the project. Potential TEAs will still be limited to a maximum of 12 contiguous tracts. 6 EB5 INVESTORS MAGAZINE “For all special TEA designations requiring more than one census tract, applicants will still need to provide a supporting letter from the local economic development corporation (EDC) or county or city in which the project is to be located.”