City of McAllen and McAllen EB 5 Regional Center Receive Approval to Participate in EB - 5 Program

McAllen, TX (September 30, 2011) - The City of McAllen and the McAllen Economic Development Corporation have received formal approval from the United States Customs and Immigration Services (USCIS) for participation in the Employment Based Immigration, 5th preference (EB-5) Program.

The EB-5 Program was created by Congress to stimulate the U.S. economy through job creation and capital investment by foreign investors. The program essentially provides a method of obtaining a permanent resident visa for foreign nationals who invest money in the United States. To obtain the visa, individuals must invest at least $1 million (or $500,000 in ‘targeted employment areas’ with high unemployment rates), creating at least 10 jobs per investment.

Prospective investors must be able to document the lawful source of investment funds and they must undergo an extensive background check which looks into finances, arrest records, personal life, and the individual’s source of funding. The permanent residence status obtained by the investor is conditional for two years and can be made permanent upon satisfying USCIS at the end of the two years that the investment proceeds have not been withdrawn and the requisite jobs have been created.

“We are dedicated to supporting the EB-5 Program and ensuring that it meets the goals of bringing investments to McAllen and creating job opportunities for the City. We want to ensure that the program achieves maximum results for our community,” stated Mayor Richard Cortez.

McAllen EB-5 Regional Center investments will range across a number of industrial sectors, including: advanced and light manufacturing; higher education and research and development; entertainment, tourism, hospitality and hotel construction; medical research, medical services and hospital construction; transportation and infrastructure; mixed-use commercial and residential real estate development; and commercial real estate development.

Keith Patridge, President and CEO of the McAllen Economic Development Corporation (MEDC) and the McAllen EB-5 Regional Center Director Rodolfo (Roy) Cantu, will be available at 2:00 pm. today (Tuesday, October 4, 2011), for one on one interviews at the MEDC office located at 6401 S. 33rd in McAllen, Texas.