EB5 Capital Receives I-956F Approvals for San Luis Obispo Marriott Hotels (JF31) and SouthFace Village at Okemo (JF36) Projects

WASHINGTON, May 30, 2024 (GLOBE NEWSWIRE) — EB5 Capital is pleased to report that its San Luis Obispo Marriott Hotels (JF31) project and SouthFace Village at Okemo (JF36) project were both approved by the United States Citizenship and Immigration Services (USCIS) in May 2024. Since the EB–5 Reform and Integrity Act of 2022 (RIA) was enacted, EB5 Capital has obtained Form I–956F project approvals across a total of nine EB–5 projects.

These Form I–956F approvals signify that USCIS, the government agency that oversees the EB–5 Immigrant Investor Program, has assessed, and verified the compliance of the EB–5 project. An I–956F project approval is also required prior to USCIS adjudicating individual I–526E petition approvals, the application for a foreign investor to secure conditional permanent residency in the United States.

“We are happy to see more of these project approvals come through, especially on our first rural deal in this post–RIA landscape,” said Brian Ostar, President of EB5 Capital. “SouthFace Village at Okemo is an exciting project, and we are confident its development is going to further enhance the local Okemo Mountain community and its year–round activities in central Vermont.”

SouthFace Village at Okemo (JF36) is a for–sale luxury ski–in and ski–out residential development on the southeast face of Okemo Mountain Resort in Ludlow, Vermont. As a rural Targeted Employment Area (TEA), this project qualifies for priority processing with USCIS. The recent Form I–956F project approval was granted within six months after the application was filed.

San Luis Obispo Marriott Hotels (JF31), the other EB5 Capital project recently approved by USCIS, is a four–story Marriott dual–branded Residence Inn and SpringHill Suites hotel in San Luis Obispo, California. The project is designated as a high unemployment TEA and was one of EB5 Capital’s first EB–5 raises under the new EB–5 legislation. Both JF36 and JF31 are currently under construction and are expected to generate over 1,300 jobs in total.

Now that both projects are approved with USCIS, EB5 Capital is looking forward to receiving individual I–526E petition approvals soon. The firm will continue to track the remainder of the construction process and support its investors with the completion of their immigration journey to the United States.

About EB5 Capital

EB5 Capital provides qualified foreign investors with opportunities to invest in job–creating commercial real estate projects under the United States Immigrant Investor Program (EB–5 Visa Program). Headquartered in Washington, DC, EB5 Capital’s distinguished track record and leadership in the industry has attracted investors from over 75 countries. As one of the oldest and most active Regional Center operators in the country, the firm has raised over $1 billion of foreign capital across approximately 40 EB–5 projects. 100% of our investors’ funds are protected by the Federal Deposit Insurance Corporation (FDIC) insurance prior to their deployment into our projects. Please visit www.eb5capital.com for more information.  

Contact:
Katherine Willis
Director, Marketing & Communications
media@eb5capital.com


GLOBENEWSWIRE (Distribution ID 9146250)

Plastic Soup, Plastic Islands: How Small Island Developing States can end Plastic Pollution

If not stopped, the annual flow of plastic into the ocean will nearly triple by 2040, to 29 million metric tonnes per year, 50 kilgrammes of plastic for every metre of coastline worldwide. Credit: UN Development Programme (UNDP)

By Sulan Chen, Inka Mattila and Vera Hakim
UNITED NATIONS, May 30 2024 – Scattered over the vast area of our oceans, Small Island Developing States (SIDS) are often pictured as blue, serene and beautiful paradises. However, we are risk losing the beauty of these islands, due to the triple threats of climate change, loss of biodiversity, and pollution, especially marine plastic debris.

If business continues as usual, the annual flow of plastic into the ocean will nearly triple by 2040, to 29 million metric tonnes per year, equivalent to 50 kilogrammes of plastic for every metre of coastline worldwide. Soon, the ocean will turn into plastic soup, and islands will be covered in, and surrounded by, plastic waste.

Despite their small land areas, some SIDS have identified themselves as large ocean states due to their large exclusive economic zones. Their economies are dependent on fisheries, aquaculture and tourism. They contribute to less than two percent of mismanaged plastic waste, yet are disproportionately impacted by both land- and sea-based plastic waste through leakage at every point along a plastic production and supply chain. Washing far ashore from where the waste is generated, plastic waste ends up on the coastlines of SIDS and in our food supply.

Lack of land often means waste is often burned or dumped into the sea. Most islands do not have waste management facilities. Waste management has become a complicated issue. SIDS’ remote locations constitute a significant challenge in organizing inter-island logistics, and limited resources lead to bigger challenges regarding the management of plastic litter.

Many plastic products, especially single use packaging, cannot be recycled due to the additives and variety of plastics, the prohibitively high cost of sorting and collection, and the low cost of new plastics. The first measure is to identify what is of essential use and eliminate problematic and unnecessary plastics.

A national multi-stakeholder process should be established to assess the status of plastics consumption, backed up with solid scientific data and analysis. National policies should ban the import of certain problematic materials based on scientific assessment and public consultations. Field experience evidence has demonstrated the effectiveness of grass-root initiatives both for community level awareness building and for circular economy initiatives.

Given the challenges of recycling in SIDS, it is essential to use less plastics to reduce the burden of waste management. Ecological alternatives using traditional materials can be promoted. Eco-design should be piloted and scaled up to focus on reducing environmental impact at every step of a product’s life cycle that designs out toxins or promotes reuse/refill and recyclability.

Governments can provide subsidies, tax credits, and other incentives to remove market barriers for the adoption of ecological alternatives and eco-design products, and to promote circular economy initiatives.

Small island economies dependent on the health of oceans, for fisheries, aquaculture and tourism and their ecosystems and economies are particularly vulnerable to plastic pollution. Credit: UNDP

Most SIDS import plastics from overseas, but the post-consumer products and waste are not shipped out, which makes accumulation of plastic waste unavoidable. As SIDS do not have the facilities and capacity for recycling, policies should be developed to ensure exporters of materials to SIDS to take post-consumer products back for recycling.

Governments should consider the development of extended producers’ responsibilities that collect taxes and fees from importers and/or exporters for waste management, and implement circular economy practices and policies.

International cooperation is essential for SIDS to deal with plastic pollution. SIDS are at the receiving points of marine debris (of which 75 percent are plastics) as they are near ocean gyres. Unless the world ends marine plastic pollution once for all, SIDS alone will not be able to deal with it, as ocean currents will continue bringing it ashore.

For example, in the Comoros, if waste continues unchecked, the island of Moheli risks losing its fragile ecosystem and its UNESCO Biosphere Reserve status.

In Seychelles, UNDP has supported a national campaign “The Last Straw” to stop the use and sale of single use plastic straws, which directly reduce the leakage of plastic waste. It has resulted in a national ban on plastic straws and balloons.

In the Dominican Republic, UNDP has worked with the central and local government, private sector, academia and civil society organization and community organizations to tackle plastic pollution with a life cycle approach, including exploration of local, scalable solutions for plastics waste management with the support of UNDP´s Accelerator Lab. UNDP has partnered with the Ocean Cleanup on an automatic plastic collection system, which has reduced the plastic waste entering the ocean, increased the public awareness of plastic pollution, and inspired national policy conversations.

With the support from the Global Environmental Facility, the Dominican Republic will reduce single use plastics in food and beverages, and scale up circular solutions with policy change, demonstration of innovative models, public-private partnerships and awareness raising.

In Comoros, UNDP and UNEP have formed the Comoros Integrated Waste Management Alliance to address waste management and work with municipalities and communities. This alliance builds upon the shared commitment by UNDP and the United Nations Environment Programme, made in October 2023 to focus on plastic pollution and integrated waste management.

As the SIDS leaders and international community gathered early this week in Antigua and Barbuda to review SIDS progress towards Sustainable Development Goals it is critical to reaffirm our collective commitment to take drastic and urgent actions to turn off the tide of plastic pollution.

The ongoing plastics treaty negotiations should also consider SIDS special conditions and agree upon special measures addressing SIDS challenges, and aim for an ambitious and effective global legal instrument to end plastic pollution.

Together, we must stop the trajectory of our Earth turning into plastic ocean, plastic islands and plastic dumps. There is no time to waste, and no action is not an option. We must stop plastic pollution to secure a clean and sustainable planet for ourselves, our future generations, and all other lives that share this precious planet.

Sulan Chen is Principal Technical Advisor and Global Lead on Plastics Offer, UNDP; Inka Mattila is Resident Representative, UNDP Dominican Republic; Vera Hakim is Deputy Resident Representative, UNDP, Comoros.

Source: UNDP

IPS UN Bureau

 


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