Targeted Employment Areas (TEA)
Throughout this site, we have briefly mentioned the subject of targeted employment areas, which are commonly known as ‘TEAs’. It is important for developers and investors to have a good understanding of what a TEA is and their role in the EB-5 program.
Before a regional center is created, the developer will research the census tracts as determined by the department of labor of a particular state. Based on this official information, the developer can then determine if the project qualifies as a TEA under population trend guidelines; wherein the population cannot exceed 20,000.
The census tract must be recent and based on the most current census information obtained by the state. Each county and area within the state will have a census tract as they often rely on federal funding for supplementary support. If a TEA is not identified, then the default position is always a $1 million dollar investment threshold for the investor.
An alternative method used to qualify as a TEA is determined by the unemployment levels in the area where the developer seeks to locate the project. As such, if the unemployment level surpasses 150 percent of the national average as determined by the Department of Labor statistics, then the developer has an opportunity to outline the territory for his TEA. The advantage, of course, is that the developer will be able to offer the investment to foreign nationals at the $500,000 level.
EB-5 Visa Attorney
Veteran immigration lawyer Larry J. Behar and his legal team assist clients in the creation and administration of EB-5 regional centers. If you are a developer or foreign investor who wishes to learn more about the EB-5 visa program, contact the Behar Law Group in Fort Lauderdale, Florida.