ATTRACTING FOREIGN CAPITAL TO PHILADELPHIA
The PIDC Regional Center is a partnership that was established in 2001 between PIDC and CanAm Enterprises, LLC (CanAm) to sponsor investment opportunities in qualifying projects that meet the requirements of the U.S. Immigration Investor Program (EB-5 Program).
Overseen by the U.S. Citizenship & Immigration Services (USCIS), the EB-5 Program provides foreign nationals the opportunity to become conditional residents for two years upon making an investment of $500,000 in a designated targeted employment area in a new commercial enterprise. Each unit of investment must create at least ten new direct or indirect jobs for U.S. workers. Once the job creation requirement is met, the conditions are removed and investors may obtain permanent residency in the United States.
PIDC and CanAm use the immigrant investments to capitalize The Welcome Fund, a source of low-cost capital generally available to commercial, retail, industrial or non-profit firms that create significant job growth and are located in or planning to locate to the City of Philadelphia.
The PIDC Regional Center has become one of the most successful EB-5 Regional Centers in the nation. Over the past ten years, the PIDC Regional Center has raised more than $608.5 million and has helped create approximately 15,000 new jobs in the City of Philadelphia.
Included among its 27 projects to date are The Pennsylvania Convention Center expansion ($122 million), Aker Philadelphia Shipyard ($80 million), and SEPTA’s electronic fare system project ($175 million), Courtyard by Marriott Hotel at the Philadelphia Navy Yard ($16.5 million), the University City Science Center ($20 million), and Agusta Aerospace’s plant expansion projects ($29.5 million)
CanAm Enterprises or the EB-5 Immigrant Investor Program