Targeted Employment Area: A rural area (adjacent and contiguous census tracts) of high unemployment which, if chosen by an EB-5 applicant investor, reduces the amount required to be invested from $1.05M to $800K. The 2022 Act defined high unemployment areas as those that have experienced a weighted average of at least 150% of the national average unemployment rate and is determined by the USCIS. A TEA designation lasts for 2 years and can be renewed for the same. Relates to the EB-5 program.
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by bsmith@carofin.com | Mar 7, 2024
