CanAm Enterprises (“CanAm”) is happy to announce that the United States Citizenship and Immigration Services (“USCIS”) approved the CanAm Pennsylvania Regional Center’s Form I-956F (Application for an Approval of an Investment in a Commercial Enterprise) for the Long Ridge Natural Gas Well Development and Production Project on January 11, 2024. This is CanAm’s first I956F approval for a designated “Rural Area” project since the visa category was established in the EB-5 Reform and Integrity Act (RIA) of 2022. The approval was received within 5 months of filing! The $115.2 million EB-5 loan will be made to Long Ridge Energy & Power (“Long Ridge”) for the construction and development of 14 wells for natural gas production in West Virginia. The EB-5 investment will support pad construction and related infrastructure, drilling and completion of the natural gas wells, linking natural gas wellheads to existing nearby pipelines, and ongoing operations of the wells.
“This approval confirms the USCIS’ commitment to delivering on the priority processing times for Rural Area EB-5 investments set by the RIA while still upholding the high standards of the Program. We are so happy for all our investors in the Long Ridge project and are proud to deliver another excellent EB-5 project that meets all USCIS requirements, “ said Christine Chen, the Chief Operating Officer of CanAm Enterprises.
“This is a wonderful way to start 2024. The Long Ridge Project is another example of CanAm’s commitment to offering high quality EB-5 projects to the market. We are thrilled for our investors and look forward to celebrating many more milestones this year. It is a great time to be in the EB-5 industry,”said Tom Rosenfeld, President and CEO at CanAm Enterprises.
Over the past 20 years, CanAm has raised over $3 billion in capital for more than 65 EB-5 projects. To date, our projects have repaid $2.26 billion and resulted in over 15,000 conditional green cards and 8,100 permanent green cards. We are proud to be the Best in Class EB-5 Regional Center Operator, setting the standard for excellence in the industry.
About EB-5 Program
Administered by the U.S. Citizenship and Immigration Services (USCIS), the EB-5 Visa Program provides qualified foreign investors and their family members the opportunity to earn conditional visas in return for investing $800,000 in job-creating development projects located in high-unemployment areas of the United States. The new EB-5 Reform and Integrity Act of 2022, which became effective on May 14, 2022, instituted a host of integrity and other rules to enhance the EB-5 Program.
