Approved Industry Codes — Ashcroft Sullivan Economic Development Centers will provide EB-5 capital to projects and promote job creation in a variety of economic sectors. Initial approval is sought in these economic sectors:
- 2361 Residential Building Construction
- 2362 Nonresidential Building Construction
- 5311 Lessors of Residential Buildings
- 5413 Architectural, Engineering and Related Services
Approved Geography — The Economic Development Centers expect approval in 2015 of a geographical area including the following counties in the Baltimore metropolitan area Baltimore, Baltimore City, Anne Arundel, Carroll, Harford, Howard and Queen Anne’s and expanding into the Washington, DC metropolitan area immediately thereafter. The Economic Development Centers also expect approval in the following New England counties: Bristol County, Norfolk County, Plymouth County and Providence County.
Within the Ashcroft Sullivan Economic Development Centers geographic limits, it will focus on project located in Targeted Employment Areas (“TEA”). TEAs allow immigrant entrepreneurs to place $500,000 to create 10 full time direct and indirect jobs instead of the customary $1,000,000 for placement outside of a TEA.
The combined value of finding opportunities located both inside the Regional Center and inside a TEA provides both: (i) direct and indirect job credit; and (ii) a lowered investment threshold to $500,000 to the entrepreneur.