USCIS Approves CanAm’s Rhoads III Project Under the EB-5 Reform and Integrity Act

CanAm Enterprises (“CanAm”) is thrilled to announce that the United States Citizenship and Immigration Services (“USCIS”) has approved the CanAm PIDC Regional Center’s Form I-956F (Application for an Approval of an Investment in a Commercial Enterprise) for the Rhoads III Project as of August 10, 2023.    The project enables Rhoads Industries, Inc. (“Rhoads”) to complete the rehabilitation and fit-out of its facility at the Philadelphia Navy Yard where Rhoads and its partners, including major defense contractors for the U.S. Navy, complete highly specialized fabrication activities.

This marks the second Form I-956F approval for CanAm since the enactment of the EB-5 Reform and Integrity Act of 2022 (“RIA”).

“We are delighted to receive USCIS’s timely approval of the Form I-956F in conjunction with the expedite request, which reflects our dedication to compliance with the RIA and demonstrates our experience in navigating the complex immigration laws,” stated Walter S. Gindin, General Counsel at CanAm Enterprises. “This milestone underscores CanAm’s longstanding track record of successful EB-5 investments and our commitment to offering quality projects to immigrant investor-families,” added Gindin.

The Rhoads III Project is the most recent in a long history of EB-5 projects by CanAm in the City of Philadelphia over the past 20 years, where it has partnered with the Philadelphia Industrial Development Corporation (“PIDC”), the City’s lead public-private economic development corporation, to identify high quality EB-5 projects.  To date, it has raised more than $715 million in EB-5 capital in Philadelphia for a diverse array of projects, including life science labs, a convention center, and the revitalization of the Philadelphia Navy Yard.  In fact, CanAm’s more recent milestone, its 50^th project repayment, was by another Philadelphia project earlier this summer, bringing its total repayments to date to $2.24 billion in EB-5 capital.

“We have been hitting a lot of milestones this year, and our repayment to investors isn’t just a milestone – it’s a benchmark for how CanAm is setting the gold standard for the industry,” said Tom Rosenfeld, President and CEO at CanAm. “We are excited about pursuing bold projects that transform properties, help our investors achieve their immigration goals and exemplify the vision of what EB-5 can do for the United States. CanAm’s investors are a big part of Philadelphia’s economic progress to date, and together we can write the next chapter of the City’s success story.”