The Port of Greater Cincinnati Development Authority recently announced “it has established a public finance program to make available EB-5 financing as an option for qualifying job-creating capital projects in Cincinnati and Hamilton County,” according to their press release. EB-5 stands for Employment-Based Fifth Preference Program, a program of the U.S. Citizenship and Immigration Services. According to the release, EB-5 “was created by Congress in 1990 to stimulate job creation. It is a vehicle for foreign nationals to make capital investments in U.S. Economic Development projects. Foreign nationals receive expedited consideration for U.S. residency in return for making a minimum capital investment of $500,000.” In a Cincinnati.com article, port authority President and CEO Laura Brunner said EB-5 "is a new tool for the Cincinnati area, and we see ample evidence that this capital source will add value to our development community and to the prosperity of our region. EB-5 capital is easily leveraged with tax-increment financing and other development financing programs." For more, read the full release.
Port of Greater Cincinnati Development Authority announces new EB-5 public finance program
