EB5 Investors Magazine | Page 52

Continued from page 48 Conclusion Incorporating EB-5 financing to LIHTC projects for the development of low-income housing rental projects facilitates the construction and development of these projects, while providing an incentive for private developers to make affordable rental housing available. At a time when financing options for construction projects remain limited, the use of EB-5 funding for these real estate development projects already taking advantage of tax credit programs could be the difference in making a project viable. Also, as more states and municipalities see the advantages of EB-5 to complement their traditional funding efforts, we expect to see an increase in the number of public entities taking advantage of this alternative financing source by creating their own publicly owned regional center or partnering with existing centers to provide EB-5 financing. In so doing, they are leveraging the investment dollars of foreign investors into important projects for our municipalities and creating jobs. Steven Polivy ★ Rogelio Carrasquillo 50 EB5 INVESTORS MAGAZINE Steven Polivy is the chair of the Economic Development & Incentives Practice and the New York office managing partner of Akerman LLP. He represents Fortune 500 companies, financial institutions and investors on economic development, real estate finance, and transactional real estate matters. He has helped move numerous large-scale real estate projects forward using alternative capital sources such as the EB-5 program. He also regularly secures economic development benefits from governmental agencies on a state and local level for various clients. Rogelio Carrasquillo is a partner in the Corporate Practice Group at Akerman LLP in New York. He advises domestic and foreign companies, multinationals and entrepreneurs on business and investment activities in the United States, Latin America