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.”