Client Alert: Renewal Time – California TEA Designations Expire on April 30, 2016

Client Alert: Renewal Time – California TEA Designations Expire on April 30, 2016

| Apr 28, 2016 | EB-5, Immigration

As a reminder, Targeted Employment Area designations for the state California expire on April 30, 2016. Please see the following guidance from Governor’s Office of Business and Economic Development (“GO-Biz”) has issued the following guidance for new effective dates for TEA certifications for the upcoming year:

> Note: New unemployment data and State-certified TEAS become effective May 7, 2015, and will remain in effect until April 30, 2016.  All TEA designations and certifications will be based on GO-Biz selected data and methodologies only, no other data or methodologies will be accepted for the purposes of TEA designations and certifications.

For EB-5 projects located in California, it’s advisable to seek an updated TEA certification as soon as possible and update your I-526 filing templates to ensure your EB-5 investors will be able to qualify for the $500,000 minimum investment amount.