NY Times Report Questions NY State Designations of Targeted Employment Areas

Posted on: December 19th, 2011
by Greg Siskind
Share on FacebookTweet about this on TwitterEmail this to someoneShare on Google+Pin on PinterestShare on StumbleUponShare on TumblrShare on RedditShare on LinkedInPrint this page

A NY Times cover story has questioned the unemployment rate calculations that have allowed regional centers in New York City to qualify to accept investors at the $500,000 level reserved for high unemployment areas rather than the default $1,000,000 investment requirement. The report looked at a few projects in Manhattan and Brooklyn in seemingly affluent areas that appear to have lower than average unemployment rates as opposed to the 150% of national unemployment rate required to qualify for accepting smaller investments. The focus of the story seemed to be more on the state government agency that must approve an area as opposed to the regional centers themselves. State government officials contacted for the story claimed to be following federal guidelines and USCIS Director Alejandro Mayorkas, contacted for the story, indicated that the agency might need to more closely scrutinize how Targeted Employment Areas are determined.