Boston's Bunker Hill 2 Project Benefits from New EB-5 Criteria
The US investment immigration program (EB-5) has undergone significant changes in its selection criteria. Policy suitability, transparency in funding structures, job creation potential, and business entity execution power are now considered more important than flashy development plans.
Bunker Hill 2, a $591 million urban regeneration project in Boston, is gaining attention due to these new criteria. The project involves rebuilding old public housing complexes, with 2,597 households planned across 14 buildings, including 908 as public and low-cost housing.
The key differentiator of this project is its involvement with the Boston Housing Authority as a borrower and job-creating company (JCE). This public institution-centered structure sets it apart from general development projects reliant on private sales. Moreover, the RIA has allocated 2% of all EB-5 visas to public infrastructure projects involving government agencies as management entities.
Bunker Hill 2 has secured I-956F approval from the US Immigration Service (USCIS), indicating that it has passed a project-level review of business plans, funding structure, job creation methods, and EB-5 eligibility. This approval is crucial in lowering uncertainty about project approval.
The operator's experience also plays a significant role in this project's viability. Regional Center USRC has managed over $1.8 billion in EB-5 capital and repaid more than $800 million, while its parent company, Curtainwood Group, is an asset manager with over $7.6 billion in real estate transactions and advisory performance.