“The opportunity to obtain USCIS pre-approval of a project provides a great deal of assurance and predictability to both our projects and our investors,” said Walter S. Gindin, Director and CanAm’s in-house Immigration Counsel.
NEW YORK (PRWEB) May 04, 2018
CanAm Enterprises (CanAm) is pleased to announce that the I-924 project exemplar petition for the NJCU West Campus Project was approved by the U.S. Citizenship and Immigration Services (USCIS) on April 19, 2018, just 9 months after filing.
CanAm knows how much uncertainty there is in the EB-5 Program, both for the projects that depend upon EB-5 financing and for the immigrant investors waiting to learn whether their investments will make them eligible for conditional permanent resident status. For these reasons, CanAm’s standard policy is to seek pre-approval for all of its projects through the filing of an I-924 petition (also known as an exemplar I-526 petition). CanAm has been diligently preparing and seeking USCIS pre-approval for its projects so that the businesses relying on EB-5 financing and the investors contributing such capital can know that USCIS has deemed credible and reasonable the underlying project business plan and job-creation methodology, and therefore is likely to defer to its favorable determinations when adjudicating the investors’ related individual I-526 petitions.
“The opportunity to obtain USCIS pre-approval of a project provides a great deal of assurance and predictability to both our projects and our investors,” said Walter S. Gindin, Director and CanAm’s in-house Immigration Counsel. “For those of us who lived through the multiple Requests for Evidence and adjudicative misunderstandings of 2010-2012, the current ability to rely on project pre-approval to accord deference to our investors’ individual petitions – I cannot overstate how important a change that has been to the EB-5 Program.”
The NJCU West Campus Project is part of the $400 million multi-year West Campus Redevelopment Plan approved by the New Jersey Economic Development Authority. As part of this initiative, NJCU intends to develop approximately 225,000 square feet of leasable residential and retail space on two parcels comprising 2.25 acres of NJCU’s West Campus.
About CanAm Enterprises
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based on a reputation of credibility and trust, CanAm has financed 55 project loans and raised more than $2.6 billion in EB-5 investments. CanAm exclusively operates several USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the county of Los Angeles, the metropolitan region of New York, and the state of Hawaii, Florida and Texas.