EB5 Investors Magazine Volume 7, Issue 2 | Page 88

TOP ECONOMISTS JEFFREY CARR ECONOMIC & POLICY RESOURCES, INC. Jeffrey Carr is the president and senior economist of Economic & Policy Resources, Inc. He has more than 35 years of experience as an economist, analyst and business plan writer. Carr has worked in the U.S. Congress as well as under several governor administrations in the State of Vermont. In addition to his applied economics practice, Carr has lectured on the EB-5 program throughout the U.S. and China, and has completed more than 275 assignments under the program, including impact studies, business plans, TEAs and regional center business operation plans. He has been involved with IIUSA’s public policy committee since 2013. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? Although our initial involvement in EB-5 began in the late 1990s, our company first entered into the industry as a service provider in 2004 when a project developer asked for assistance to apply for a regional center in Florida. This work was a logical extension of our national track record of completing economic impact 88 EB5 INVESTORS M AGAZINE studies and providing expert witness testimony for cases throughout the country. The more experience we gained with EB-5, the more we were committed to helping immigrant families coming to the U.S. while creating hundreds of thousands of jobs for U.S. workers and raising billions of dollars in capital. WHAT NEW TYPES OF PROJECTS AND TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY AFTER THE NEW REGULATIONS TOOK EFFECT? Under the new DHS regulations, we are seeing a lot of initial, “kick-the-tires” inquiries from newcomers, and experienced project developers seem to be developing smaller projects. As long as there are lawsuits to suspend the regulations and congressional legislative reform proposals pending, there will be some reluctance to jump back fully into the program. One of the biggest areas of uncertainty in EB-5 fundraising is the concern about the new TEA rules and the inability to get a definitive answer out of the USCIS about a project’s TEA eligibility until the first formal USCIS adjudication on a project is completed.