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MICHAEL BAILKIN
CORPORATE ATTORNEYS
EB5 INVESTORS MAGAZINE
M
ichael Bailkin is a counsel to
Akerman LLP, where he is
the Co-Chair of its Opportunity
Zone
Practice
Group.
He
specializes
in
economic
development, both as a lawyer and
developer. He previously served as a senior Economic
Development official in New York City and was responsible for
creating their initial incentive programs. In private practice, he
has been responsible for securing over $3 billion in incentives.
He also serves as an adviser and project manager for EB-5
projects. A key approach for him has been integrating EB5
investments with a broad range of local, state and federal grants
and loans.
WHAT TRENDS ARE YOU SEEING IN
THE EB-5 INDUSTRY?
An important trend in the industry is the use of EB-5 capital for
projects in distressed areas that directly address poverty and
provide real benefits for area residents. Until recently, most EB-5
funds were invested in high-end market areas. This is because it
was relatively easy to obtain TEA (Targeted Employment Areas)
status for those areas, and investors preferred those areas as
long as they could get the TEA advantages. This also resulted in
a few national developers controlling most of the EB-5 activity.
Under current TEA rules, investors will be effectively limited to
impacted areas, and the key to developers obtaining EB5 capital
is to enhance feasibility conditions.
HOW ARE YOU HANDLING THE ISSUE
OF REDEPLOYMENT?
Currently, legal rules and market conditions relating to
redeployment are in flux. There is a need to recirculate EB-5
capital to enable a second round of job and investment impact,
and to do so in a manner that fairly distributes the benefits/
costs. But the rules need clarification and the high rates sought
by Regional Centers deploying capital has dampened demand.
In any case, the most important goal generally is to increase the
level of EB-5 capital for new projects at a time when the key
market, China, has basically shut down .
ROGELIO CARRASQUILLO
R
ogelio “Roy” Carrasquillo is the
Managing Shareholder of
Carrasquillo Law Group P.C. and
Chair of its EB-5 Immigrant Investor
Program Services and Compliance
and
Securities
Practices.
Carrasquillo represents public and private clients using EB-5 as
a source of capital, filing for EB-5 Regional Center designation,
investors evaluating their options at the redeployment stage, as
well as developers seeking to raise capital using the EB-5
Program. He is experienced with public-private partnership
projects using EB-5 funds ,Opportunity Zones and Tax Credits.
He is a graduate of Georgetown University and University of
Pennsylvania Law School and is admitted to practice in New
York and Puerto Rico.
WHAT TRENDS ARE YOU SEEING IN
THE EB-5 INDUSTRY?
We saw a decrease in the number of new construction projects
and developments, including those trying to incorporate EB-5
financing. We continue to see developers using EB-5 financing
as an additional benefit and not as the sole purpose or financing
CORPORATE ATTORNEYS
EB5 INVESTORS MAGAZINE
source for their projects. We also continue to see an interest
from Latin American EB-5 investors. We have also represented
several groups of investors who are undergoing the liquidation
or redeployment of their EB-5 investments to ensure that their
rights are properly protected and that they are treated fairly
during this process.
HOW ARE YOU HANDLING THE ISSUE
OF REDEPLOYMENT?
We have been advising investors and developers on issues
related to the redeployment of EB-5 capital . Although the new
USCIS guidelines on redeployment provided much needed
guidance on the issue, they also implemented unexpected
limitations such as the geographical location of the
redeployment project. As more EB-5 projects reach maturity,
investors find themselves trying to understand the corporate
framework of their investment to ensure that their rights are
protected during the process and to avoid unnecessary delays
to the return of their investment. We have been working with
these groups of investors to improve the transparency and help
them navigate this process.
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