NEW CALIFORNIA TEA DATA IS RELEASED FOR EB-5

The state of California has released its new Targeted Employment Area (“TEA”) data. New TEAs must now have an average unemployment rate of 9.3% or greater (150% above the national average) to qualify investors for a $900,000 investment instead of $1.8 million.

Some areas that were designated as TEAs last year no longer qualify. At the same time, projects located in areas that did not have high unemployment based on the old numbers may be eligible for TEA designation today. There is an example of one case with a project located in an area that was a TEA in 2013, was not in 2014 (by .01%) and is now eligible for TEA status again.

Let us know if you want help in determining whether your project is now located in a TEA.