State of Michigan Receives Federal Approval for EB-5 Regional Center

Press Release

Gov. Rick Snyder today announced Michigan has officially become one of only two states in the nation with a state run EB-5 Regional Center aimed at attracting foreign investors who want to live, work and create jobs here.

With expedited approval by the U.S. Customs and Immigration Services (USCIS) in late March, the State of Michigan EB-5 Regional Center -- part of the Michigan Community Development Corporation (MCDC) and staffed by the Michigan State Housing Development Authority (MSHDA) -- is poised to join Vermont as the only other state run entity with this unique investment and immigration opportunity.

"This approval is an important step in helping harness top talent and international direct investment into the state to continue and accelerate Michigan's comeback," Gov. Snyder said. "Our state needs outstanding talent to help drive the new economy. Immigrants are net job creators. In return, Michigan offers a wonderful place to live, work, play and raise a family."

Snyder said the Michigan EB-5 Regional Center will act as a vehicle to connect eligible foreign investors with potential development projects across the state, which in return could lead to permanent residency for them and their families. Investors will come from a variety of sources, including individuals and contacts made through Michigan's colleges and universities hoping to retain and attract current and former students.

It was one of the three immigration-related proposals the governor highlighted or alluded to in his 2014 State of the State address. The Center will work in coordination with the Michigan Office for New Americans that was created by Executive Order in late January.

Immigration Policy Center data indicates that Michigan's immigrants are six times more likely to start a high-tech firm than U.S. born residents. In that same study, it said Michigan's foreign born were more than three times as likely to start a new business between 1996 and 2007 as the native-born population.

Scott Woosley, executive director of MSHDA and president and CEO of the MCDC, said Michigan is eager to deepen relationships internationally and bring home investment, projects, jobs and possible new residents critical to Michigan's future.

"It's anticipated that once up and running the regional center will generate $30-50 million of new private equity for projects each year and create 600 new jobs in communities where they are much needed," Woosley said.

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