How EB-5 has influenced the economies of the 2016 convention cities
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In July, the two main parties of the American political system gathered for their respective Presidential Nomination Conventions in separate and distinct cities to formally nominate their parties’ Presidential Nominee for this November’s election. In Cleveland, the Republicans held their convention in a city whose roots grow from a traditionally working class population and was once the epicenter of American steel and oil manufacturing. Democrats assembled in Philadelphia, PA for their convention, a city synonymous with early American history and the Democratic political system and once the capital of the United States.
While the major parties of our country participated in these political events, it is likely most who were present were unaware that a largely quiet but effective capital investment program, the EB-5 Regional Center Program, is responsible for noticeable footprints on both cities. Since 2008, the Program has generated over $14 billion in foreign direct investment (FDI) to the United States at no cost to the taxpayer.
Cleveland, like most other urban areas, is largely Democratic in its political make up, but resides in a notorious swing state for national elections. The Republicans hosted their convention in the center of downtown which in recent years has seen a Renaissance. Much of the redevelopment of Cleveland and its surrounding areas has been thanks to EB-5, though those walking the streets of the city may never know it. Cleveland International Fund (CiF), a federally designated EB-5 Regional Center, has attracted $220 million in EB-5 investments alone in its first seven projects, with two other projects in the works now. This does not account for the other millions of dollars that EB-5 helps to leverage to complete these ambitious redevelopment projects and the subsequent development that is inspired around it.