HomeFed is proud to announce a significant milestone achieved with the I-956F project approval for their 3rd Otay Ranch Project in Chula Vista, California.
CARLSBAD, Calif., Aug. 5, 2024 /PRNewswire-PRWeb/ -- The I-956F approval from the United States Citizenship and Immigration Services (USCIS) shows the project's compliance with the latest requirements of the EB-5 Immigrant Investor Program and the EB-5 Reform and Integrity Act.
HomeFed is approved to raise up to $249.6 million in EB-5 capital from more than 300 investors which will fund horizontal development and vertical construction within the Otay Ranch master-planned community near San Diego, California.
Why an I-956F approval is important for EB-5 Investors
The I-956F approval for HomeFed's Côta Vera 2 Project means that the United States' government has given the green light for HomeFed to accept investors seeking to realize the American dream through the EB-5 visa program. While the project is well underway and job creation is ongoing, investors now have certainty that their investment with HomeFed will take them one step closer to a green card.
Why Côta Vera 2 and the Otay Ranch is a premier EB-5 investment
- Côta Vera 2 is in a targeted employment area, allowing investors to invest the lower amount of $800,000.
- The Otay Ranch has proven to be a success for over 20 years as the largest and best-selling master-planned community San Diego.
- Côta Vera 2 is the newest community in Otay Ranch and HomeFed's 3rd community development in the Otay Ranch.
- Côta Vera 2 is a 500-acre master-planned community with for-sale homes, rental apartments, office, retail, parks and schools.
- EB-5 investors in Côta Vera 2 are in a first position and receive a First Trust Deed on HomeFed property.
- The EB-5 loan is only 3 years with a borrower option to extend to 4 years.
- Côta Vera 2 is under construction and many of the requisite jobs have already been created.
About HomeFed:
HomeFed is a real estate development company that specializes in creating vibrant, mixed-use master-planned communities that combine innovative placemaking techniques and environmental stewardship.
Incorporated in 1988 and headquartered in Carlsbad, California, HomeFed is known for undertaking large, complex, environmentally challenging projects that require long-term investments. The company attributes its success to financial prudence, creative land planning, and a collaborative team approach with stakeholders and development partners.
HomeFed is a wholly-owned subsidiary of Jefferies Financial Group (JEF:NYSE).
HomeFed's EB-5 industry experience:
- HomeFed has developed many real estate projects, totaling thousands of units around the United States over the last 3 decades.
- HomeFed completed its first EB-5 raise of $125 million from 250 investors for The Village of Escaya, which is now 100% sold out
- HomeFed subsequently raised $171 million from 268 EB-5 investors for Côta Vera 1.
- Contrary to common practice, HomeFed is currently repaying eligible investors in the Escaya project prior to the loan maturity date.
Contact information:
Trevor Anderson
HomeFed
Media Contact
Trevor Anderson, HomeFed, 1 (760) 688-6027, [email protected] , www.homefedcorporation.com
SOURCE HomeFed
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