Mesquite Regional Business, Inc. announces Mesquite NV has received a TEA designation from DETR. Areas that qualify for the targeted employment area (TEA) designation empowers USCIS EB-5 programs.
In a letter dated November 3, 2014 from William Anderson, DETR Chief Economist, states DETR has determined certain census tracts located within the Mesquite region qualify for the TEA designation in accordance with Title 8, Code of Federal Regulations Section 201.6(i).
Nevada Department of Employment, Training and Rehabilitation (DETR) is the cooperating partner with the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) to calculate unemployment rates and certify or designation a particular geographic or political subdivision located within a metropolitan statistical area (MSA) or within a city or town have a population over 20,000 (subdivision), such as, by way of example only, counties, census designation place (CDP), that meet the high unemployment area” definition and therefore qualify for the $500,000 minimum investment threshold as a rural TEA for EB-5 program purposes. Unemployment rates for MSA’s, counties, CDP’s cities, and their consisting census tracts are published annually through the U.S. Bureau of Labor Statistics (BLS) or American Community Survey.
USCIS administers the Immigrant Investor Program, also known as “EB-5,” created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under a pilot immigration program first enacted in 1992 and regularly reauthorized since, certain EB-5 visas also are set aside for investors in Regional Centers designated by USCIS based on proposals for promoting economic growth. EB-5 program require investments in new commercial enterprises and have specific job creation and capital investment requirements.
“The opportunity to highlight this type of funding program within the Mesquite region is a significant tool for our economic development growth. The ability to attract EB-5 programs for the establishment of new commercial enterprises within the TEA designated census tracts is valuable and should not be overlooked.” stated MRB CEO Gaye Stockman. “The TEA designation is issued for one year.”
Within the next month, MRB will be contacting existing business owners, clients, and highlight the new designation throughout the nation. Businesses interested in the TEA designation or an EB-5 program should contact MRB for more information.
Mayor Al Litman added, “Mesquite encompasses numerous exceptional investment opportunities and the TEA designation and subsequent EB-5 programs, will add another tool in City’s tool box.”