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1 Unearthing the EB-5 Visa to Grow New York s Economy By: Kristen K. Boyert Prepared for THE NEW YORK STATE ENERGY RESEARCH AND DEVEOPMENT AUTHORITY Albany, NY Michael H. Shimazu Project Manager Prepared by GOVERNMENT LAW CENTER OF ALBANY LAW SCHOOL Albany, NY Rose Mary Bailly Project Director Emily Ekland Post Graduate Fellow Agreement No December 3, 2012

2 NOTICE This report was prepared by the Government Law Center of Albany Law School in the course of performing work contracted for and sponsored by the New York State Energy Research and Development Authority (hereinafter NYSERDA). The opinions expressed in this report do not necessarily reflect those of NYSERDA or the State of New York, and reference to any specific product, service, process, or method does not constitute the implied or expressed recommendation or endorsement of it. Further, NYSERDA, the State of New York, and the contractor make no warranties or representations, express or implied, as to the fitness for particular purpose or merchantability of any product, apparatus, or service, or the usefulness, completeness, or accuracy of any processes, methods, or other information contained, described, disclosed, or referred to in this report. NYSERDA, the State of New York, and the contractor make no representation that the use of any product, apparatus, process, method, or other information will not infringe privately owned rights and will assume no liability for any loss, injury, or damage resulting from, or occurring in connection with, the use of information contained, described, disclosed, or referred to in this report.

3 DISCLAIMER: The information contained in this report is provided with the understanding that the authors are not herein engaged in rendering legal or other professional advice and/or services. Accordingly, the information provided in this report is for educational purposes only and not for the purpose of providing legal advice. The opinions expressed in this report are the opinions of the authors and may not reflect the opinions of the law school or any other contributing author.

4 I. INTRODUCTION...1 II. BACGROUND...2 III. Process...4 IV. Requirements...7 V. THE REGIONAL CENTER PILOT PROGRAM...9 VI. CONCERNS...11 VII. CONCLUSION...14

5 I. INTRODUCTION The great recession has been discussed, dissected, and debated since 2009 when the United States economy took a turn downhill. Employment and job creation remains at the forefront of this topic with pundits and politicians alike weighing in on the matter. As a new presidential term begins, questions linger regarding employment and job creation. Unemployment in the United States is currently at 7.9%, 1 and as of September 2012, New York has an unemployment rate of 8.9%. 2 In 1990, Congress promulgated the Immigration Act, which separated immigrants into four different categories; 3 one category is the employment-based (EB) visa, and contains five unique preferences within the category. 4 The investor visa (EB-5 visa), the fifth preference of the employment-based visa, encourages foreign individuals to invest in a new commercial enterprise benefiting the United States economy, and in return the individual is able to receive lawful permanent resident (LPR) status. 5 Although this program appears simple enough to stimulate business enterprises, create jobs, and address immigration issues, the road toward obtaining these visas in practice is fraught with complexity. This paper examines the EB-5 visa and its usefulness for stimulating the economy in New York State. It provides a summary of the employment-based visa, the application process, the requirements, and the steps to maintain the visa. It also addresses the 1 With 12.3 million people unemployed. Economic News Release, U.S. Dep t of Labor, Bureau of Labor Statistics, Employment Situation Summary (Nov. 2, 2012), 2 Ranked 41, tied with Connecticut out of the 50 states and District of Columbia. Unemployment rates for states monthly rankings (seasonally adjusted). U.S. DEP T OF LABOR, BUREAU OF LABOR STATISTICS, UNEMPLOYMENT RATES FOR STATES (Oct. 2012), 3 THOMAS ALEXANDER ALEINIKOFF, ET AL., IMMIGRATION AND CITIZENSHIP: PROCESS AND POLICY 272 (7th ed. 2012). 4 Immigration and Nationality Act, 8 U.S.C. 1153(b)(5) (2006). 5 Id. 1153(b)(5)(A). 1

6 standards and evidence needed to prove legitimate investors fund the commercial enterprises. Part II provides a summary of the EB-5 visa offering pertinent definitions and background information. Part III discusses the process for obtaining LPR status through the immigrant-investor visa. Part IV discusses the requirements and the evidence needed to prove that those requirements are met. Part V provides information about the Regional Center Pilot Program. Part VI examines policy concerns regarding fraud, funding by illegitimate inventors, and reasons for the stringent requirements. II. BACKGROUND In recent years, the media sometimes has used the term immigrant in a manner that differs from the legal definition. An immigrant, as defined by the Immigration and Nationality Act (INA) is part of an extensive category; in this paper the term simply refers to a foreign individual who is not a citizen of the United States but can be authorized to become an LPR. 6 An LPR may then seek naturalization and become a U.S. citizen or may choose to retain the LPR, or green card, status for as long as he or she remains in the U.S. 7 The 1990 Immigration Act established the preference system, which divides immigrants into four different categories: family-based, employment-based (EB), diversity, and humanitarian. 8 Within the EB category, the fifth preference is investment-based, intended to attract foreign individuals to finance venture capital, create businesses and jobs for U.S. workers, and stimulate the U.S. economy. 9 This 6 Id. 7 ALEINIKOFF, ET AL., supra note 3. 8 Id. at CITIZENSHIP & IMMIGRATION SERVS. OMBUDSMAN, U.S. DEP T OF HOMELAND SEC., ANNUAL REPORT 2

7 preference allocates a minimum of 140,000 visas for applicants subject to approval. 10 This means there are about 10,000 visas available for the investor visa. 11 Overall, the EB-5 visa requires immigrants to invest a minimum sum of one million dollars in a new commercial enterprise that benefits the United States economy for at least two years by creating at least ten full-time jobs and actively engaging in the enterprise. 12 However, it is far more complicated because of the strict requirements attached to each obligation that will be further explained in Part III and Part IV. An immigrant has two different methods for investment. First, the immigrant may create a new commercial enterprise, or the immigrant may create the commercial enterprise in a targeted employment area (TEA). Second, the immigrant may invest in a regional center designated through the Regional Center Pilot Program. This latter method is proving to be the more popular option since the requirements are more relaxed in comparison. A commercial enterprise may be defined as creating a business, investing in an existing business, 13 investing and reorganizing an existing business, or investing in a troubled business. 14 Commercial enterprise also includes limited partnerships. 15 In regards to targeted employment areas, about 3,000 visas are set-aside for immigrants in the fifth preference. 16 The TEA focuses investment in rural areas or an 2012 (June 25, 2012), U.S.C. 203(b)(5); id. 1153(b)(5)(A) U.S.C. 203(b)(5); id. 1153(b)(5)(A) U.S.C. 203(b)(5); id. 1153(b)(5)(A). 13 This option does not require reorganization, but the investment must produce a 40% increase in net worth, the creation of ten jobs, or both. 14 A troubled business is one that has incurred a 20% loss of net worth over two-years. 8 C.F.R (h)(1-3) (2011). 15 Id (j)(1)(i-iii) U.S.C. 203(b)(5); id. 1153(b)(5)(A). 3

8 area which has experienced high unemployment (of at least 150 percent of the national average rate). 17 The Regional Center Pilot Program, also known as the Immigrant Investor Pilot Program, (hereinafter, Pilot Program ) was originally created in 1992 and then extended to September 30, The president signed another extension of the program until September 30, Immigrants interested in this option follow the same basic statutory requirements, but instead invest in a regional center where they may create either direct or indirect jobs. 20 A regional center is a business entity that coordinates foreign investment in a certain geographic area. 21 Consequently, a direct job is one created out of investing in the commercial enterprise. 22 An indirect job is one that is created vicariously as a result of the investment in a commercial enterprise. 23 After delving into the process and requirements of the general EB-5 visa, Part V of the paper will return to the discussion of the Pilot Program. III. PROCESS The process of applying for LPR status under an EB-5 preference can be broken down into four main components. First, the immigrant must file form I Second, 17 A rural area is any area other than an area within a metropolitan statistical area or within the outer boundary of any city or town having a population of 20,000 or more (based on the most recent decennial census of the United States). 8 U.S.C. 203(b)(5)(B)(iii); id. 1153(b)(5)(A). 18 U.S. CITIZENSHIP & IMMIGRATION SERVS., USCIS PROGRAM EXTENSION ALERT, (search USCIS Program Extension Alert ; then follow USCIS Program Extension Alert hyperlink) (last visited Nov. 7, 2012)[ hereinafter PROGRAM EXTENSION ALERT]. 19 Id. 20 Id. 21 U.S. CITIZENSHIP & IMMIGRATION SERVS., EB-5 IMMIGRANT INVESTOR PILOT PROGRAM, 5%20Investor%20Pilot%20Program.pdf (last visited Nov. 7, 2012) [hereinafter PILOT PROGRAM]. 22 Id. 23 Id. 24 Id. See, U.S. Dep t of Homeland Sec., Citizenship & Immigration Servs., Instructions for Form I-526, Immigrant Petition by Alien Entrepreneur (2012), available at 526instr.pdf [hereinafter Form I-526]. 4

9 the immigrant must then apply for a status adjustment. 25 Once approved, the immigrant continues in the process, otherwise the application fails. Third, the immigrant may be approved for a conditional LPR status for two years. 26 The immigrant must be approved for the conditional status in order to complete the application process and move on to the next step. Fourth, the immigrant must file form I-829 prior to the completion of the conditional two years and if the EB-5 requirements are fulfilled then the individual becomes an LPR without attaching conditions. 27 Form I-526 is a preliminary step on the road to LPR status. The immigrant entrepreneur may complete the petition on his or her own without further sponsorship if he/she has established a new commercial enterprise and met the required obligations of the visa. 28 Once this application is approved the alien receives an Alien Registration Number (A-Number). 29 This petition is filed with the U.S. Citizenship and Immigration Services (USCIS) for approval. 30 Additionally, there is a $1,500 filing fee. 31 The approval of form I-526 does not guarantee that an LPR visa will be issued after the two years. 32 If the immigrant is in the United States and form I-526 is approved, then he or she must apply for adjustment to his or her status. 33 The entrepreneur can file form I Adjustment of status is the process by which an eligible individual already in the United States can get permanent resident status (a green card) without having to return to their home country to complete visa processing. U.S. CITIZENSHIP & IMMIGRATION SERVS., ADJUSTMENT OF STATUS, (search Adjustment of Status ; then follow Adjustment of Status hyperlink) (last visited Nov. 30, 2012). 26 Form I-526, supra note Id. 28 Id. 29 Id. 30 Id. 31 Id. 32 Id. 33 Id. 5

10 with the USCIS or file form DS-230 with the Department of State (DOS). 34 Once the status adjustment and form I-526 is approved, the alien is offered a two-year conditional permanent residency; upon completion of those two years, the alien may apply for the conditions to be removed. 35 During the two-year residency period, the immigrant may be subject to certain penalties for visa violations since it is a conditional status. For example, travel outside the United States during this time may result in the refusal to reenter. 36 Additionally, certain criminal acts may also subject the immigrant to removal, otherwise known as removal or deportation proceedings. 37 Form I-829 is the last petition to file in order to remove the conditional status. 38 The filing fee is $3,750 with an additional $85 biometric fee. 39 It must be filed ninety (90) days before the date the immigrant received their conditional status. 40 The conditional status continues for an additional six months where travel outside the United States is permitted if the immigrant presents the filing receipt and Permanent Resident Card to customs and immigrations officers. 41 If the form is not filed, then the immigrant is subject to removal from the United States and the application for the visa fails PILOT PROGRAM, supra note Id. 36 U.S. Dep t of Homeland Sec., Citizenship & Immigration Servs., Instructions for I-485, Application to Register Permanent Residence or Adjust Status (2011), available at 485instr.pdf. 37 Id. 38 U.S. Dep t of Homeland Sec., Citizenship & Immigration Servs., Instructions for I-829, Petition by Entrepreneur to Remove Conditions (2011), available at [hereinafter I-829]. 39 This fee is for fingerprints in order to conduct criminal background checks. Id.; U.S. CITIZENSHIP & IMMIGRATION SERVS., I-829, PETITION BY ENTREPRENEUR TO REMOVE CONDITIONS, (search I-829 ; then follow USCIS I-829, Petition by Entrepreneur to Remove Conditions hyperlink) (last visited Nov. 8, 2012); U.S. CITIZENSHIP & IMMIGRATION SERVS., FINGERPRINTS, (search Fingerprints ; then follow Fingerprints hyperlink) (last visited Nov. 2, 2012). 40 I-829, supra note Id. 42 Id. 6

11 Each petition requires extensive documentation and documented evidence of fulfilling the visa requirements. The next part of this paper will discuss requirements and the evidence needed to prove fulfillment. IV. REQUIREMENTS The EB-5 visa requires the immigrant to (1) invest at least one million dollars in a commercial enterprise that will (2) benefit the United States economy by (3) creating ten full-time jobs and will (4) actively engage in the management of the commercial enterprise. 43 Immigrants choosing to create a commercial enterprise in a rural area or an area with high unemployment get a special incentive to establish in a TEA. 44 Instead of investing a minimum of $1 million, the immigrant need only invest a minimum of $500, The entrepreneur has to prove that the commercial enterprise is a lawfully created business, 46 or invest in an existing business that is lawfully created. 47 If he or she invests in a pre-existing business he or she must also provide documentation that the investment increased that business s net worth by 40%. 48 He or she must also show an increase in the number of employees or that jobs were created through the investment. 49 Evidence such as bank statements, assets or property purchased or transferred for the enterprise, shares of stock, or a promissory note, for example, can be used to demonstrate that the mandatory investment was utilized for the commercial enterprise Form I-526, supra note Id. 45 Id. 46 This is done by providing a copy of the article(s) of incorporation. Id. 47 By providing a copy of the certificate of merger, consolidation, partnership agreement, certificate of limited partnership, a joint venture agreement, or business trust agreement. Id. 48 By providing evidence such as the documents already listed or documents showing stock purchase agreements, investment agreements, or similar documents showing the substantial change in the business s net worth. Id. 49 Proven by copies of certified financial reports, or payroll records. Id. 50 Id. 7

12 Additionally, documents must establish that the invested capital is lawful. 51 Documents including business registration records, tax returns, or the sources of capital are sufficient. 52 However, this requirement is strictly scrutinized to prevent fraud and illegal enterprises. Ten full-time jobs can be evidenced by payroll records, tax records, form I-9, a business plan describing the need to hire ten new employees, or other similar documents. 53 These jobs must be for U.S. citizens, LPRs, or immigrants who are authorized to work within the United States. 54 The immigrant entrepreneur/investor needs to provide documents evidencing his or her participation in managing the commercial enterprise by providing his/her title and statement of position with responsibilities, title or position on a board or directors or as a corporate officer, or other such evidence to show the individual is actively engaged in policy-making concerns. 55 When applying for form I-829 to remove the conditional status, the applicant again must provide evidence that the commercial enterprise successfully met the requirements for two years. The immigrant has to prove the establishment of a commercial enterprise with the required documents like those required in form I-526, such as invoices, bank statements, contracts, business licenses, tax records, or payroll records. 56 Recently, immigrants must also include evidence of arrest or detention by a law enforcement officer, and any convictions resulting from a plea agreement. 57 V. THE REGIONAL CENTER PILOT PROGRAM 51 Id. 52 Id. 53 Id. 54 Id. 55 Id. 56 I-829, supra note Id. 8

13 Many immigrant investors seem to prefer investing in the Pilot Program because the obligations and requirements are not as stringent, meaning they can create either direct or indirect jobs and they do not need to actively participate in the management of the commercial enterprise. 58 Additionally, investors are able to pool funds in the Regional Centers which make large investments that create jobs. 59 The individual in this case applies for an I-924 petition. 60 However, the investor must still either put forward $1 million or $500,000, if in a TEA. 61 The Pilot Program is specifically interested in certain geographic regions in order to promote economic growth and productivity in that area. 62 Currently, there are seventy regional centers across the United States, 63 and about 5,000 visas are available for the Pilot Program. 64 The Pilot Program, specifically, could benefit New York State by focusing on increasing the economic growth local centers. New York State has twelve regional centers 65 : 1. Buffalo Regional Center 2. EB-5 New York State, LLC 3. Empire State EB-5 Regional Center 4. Extell New York Regional Center 58 PROGRAM EXTENSION ALERT, supra note 18; PILOT PROGRAM, supra note CITIZENSHIP & IMMIGRATION SERVS. OMBUDSMAN, U.S. DEP T OF HOMELAND SEC., EMPLOYMENT CREATION IMMIGRANT VISA (EB-5) PROGRAM RECOMMENDATIONS (Mar. 18, 2009), [hereinafter PROGRAM RECOMMENDATIONS]. 60 U.S. CITIZENSHIP & IMMIGRATION SERVS., I-924, APPLICATION FOR REGIONAL CENTER UNDER THE IMMIGRANT INVESTOR PILOT PROGRAM, (search I-924 ; then follow I-924, Application For Regional Center Under the Immigrant Investor Pilot Program hyperlink). (last visited Nov. 8, 2012) U.S.C 203(b)(5), 1153(b)(5)(A) (2006). 62 U.S. CITIZENSHIP & IMMIGRATION SERVS., EB-5 REGIONAL CENTER, (search EB-5 Regional Center ; then follow the EB-5 Regioanl Center hyperlink) (last visited Nov. 8, 2012). 63 PROGRAM EXTENSION ALERT, supra note Id.; PILOT PROGRAM, supra note U.S. CITIZENSHIP & IMMIGRATION SERVS., IMMIGRANT INVESTOR REGIONAL CENTERS, (search Immigrant Investor Regional Centers ; then follow Immigrant Investor Regional Centers hyperlink) (last visited Nov. 2, 2012). 9

14 5. Federal New York Metropolitan Regional Center 6. Manhattan Regional Center, LLC 7. New York City Real Estate Regional Center, LLC 8. New York City Regional Center, LLC 9. New York Immigration Fund, LLC 10. New York Proton Regional Center, LLC 11. North Country EB-5 Regional Center, LLC 12. NYC Metro Regional Center, LLC North Country EB-5 Regional Center LLC 66 is a joint venture between CanAm Enterprises and the North Country Chamber of Commerce. 67 CanAm states that more than forty projects have produced $1 billion, and about half of the 2,000 investors have received LPR status. 68 The regional center specifically focuses on projects in the areas of healthcare, transportation and aerospace, real estate development, manufacturing and trade, and technology. 69 Yet, at this time, there are no projects available for investment listed on their website 70 outside of a few investment opportunities in the area of healthcare for research and pharmaceutical manufacturing. 71 Regional centers are geographically approved by the state and recognized by the federal government for immigrant investment purposes. Most of the regional centers are located or focused in New York City. The 2010 census for the Capital Region indicated the population increased by 5% since 2000, and the State increased by 2% overall. 72 The steadily increasing population of the Capital Region demonstrates an apparent attraction 66 Located in Plattsburgh, New York. 67 N. COUNTRY EB5 REG L CTR., EB-5 VISA PROGRAM, (last visited Nov. 13, 2012). 68 Id. 69 N. COUNTRY EB5 REG L CTR., INVESTORS, (last visited Nov. 13, 2012). 70 N. COUNTRY EB5 REG L CTR., PROJECTS, (last visited Nov. 13, 2012). 71 N. COUNTRY EB5 REG L CTR., HEALTHCARE, (last visited Nov. 13, 2012). 72 Capital Region 2010 Census Population Totals, ALL OVER ALBANY (Mar. 25, 2011)m; Eric Anderson, State Loses Population, but Capital Region Gains, TIMESUNION.COM (June 29, 2007, 1:20 PM), 10

15 that can be increased by new business ventures. Adding more regional centers in the northern New York and in the Capital Region would undoubtedly strengthen and improve the upstate economy. VI. CONCERNS Congress created the 1990 Immigration Act intending to attract entrepreneurial immigrants to the United States who would invest capital to create jobs for U.S. workers, and thereby stimulate the economy. 73 Furthermore, the 1990 Act was intended to compete with Canada and Australia s immigrant investment programs, both of which exhibited, and continue to demonstrate, immense success. 74 It is important to note the U.S. s desire to compete with these other countries for foreign investors. At one time, New York and Canada had the largest bilateral trading relationship in the world. 75 With New York s notoriety for business and investment, foreign and domestic, the investor visa program is an appealing opportunity to stimulate the economy. In 1991 when the legislation was enacted, it was estimated that $4 billion would be invested in the U.S. and 40,000 jobs would be created. 76 Initially, Congress expressed concern regarding fraud, and certain individuals who might attempt to buy LPR status. 77 In conjunction with fraud, there were concerns that the investing capital would be provided by illegal entities, or that the business itself would preform illegal practices. 78 During the early 1990s, the program was plagued by 73 PROGRAM RECOMMENDATIONS, supra note Id. (citing 136 CONG. REC , (1990)). 75 Testimony, Dep t of Transp., Statement of the New York State Department of Transportation on the National Corridor Planning and Development Program and the Coordinated Border Infrastructure Program, (last visited Nov. 21, 2012). 76 PROGRAM RECOMMENDATIONS, supra note 59 (citing Al Kamen, An Investment in American Citizenship; Immigration Program Invites Millionaires to Buy Their Way In, WASHINGTON POST, (Sept. 29, 1991)). 77 See PROGRAM EXTENSION ALERT, supra note 18; PILOT PROGRAM, supra note CONG. REC. S (daily ed. July 12, 1990). 11

16 hindrances such as a delay in supplying the rules and requirements for the visa, followed by changes in interpreting those rules. 79 In the mid-1990s, a series of interpretive guidance (INS documents) was issued from the Immigration and Naturalization Service (INS) General Counsel. 80 Federal court decisions further aided rule interpretation and tightened up requirements to eliminate fraud. 81 Nevertheless, a 2005 Congressional Research Service report indicated that the EB-5 visa program still falls short of its intended purpose because of: [T]he rigorous nature of the LPR investor application process and qualifying requirements; the lack of expertise among adjudicators; uncertainty regarding adjudication outcomes; negative media attention on the LPR investor program; lack of clear statutory guidance; and lack of timely application processing and adjudication. 82 In recent years, the increased continuity and the rigorous document requirement for the visa has diminished many concerns regarding fraud. 83 The Citizenship and Immigration Services Ombudsman Office continually monitors and makes annual reports regarding the progress and weaknesses of the visa program. The 2009 report suggested special handling to prioritize EB-5 applications, promote the visa program overseas, and to adopt more EB-5 Administrative Appeals Office (AAO) decisions as precedent in order to clarify U.S. Citizenship and Immigration Services (USCIS) regulations PROGRAM EXTENSION ALERT, supra note 18; PILOT PROGRAM, supra note Id. 81 Id. 82 PROGRAM RECOMMENDATIONS, supra note 59 (citing GOV T ACCOUNTABILITY OFFICE, IMMIGRANT INVESTORS: SMALL NUMBER OF PARTICIPANTS ATTRIBUTED TO PENDING REGULATIONS AND OTHER FACTORS 3 (Apr. 2005)). 83 Id U.S.C. 203(b)(5), 1153(b)(5)(A) (2006). 12

17 The 2012 third quarter applicants for form I-526 number at 4,156 and applicant numbers for form I-829 are 3, As mentioned earlier, there are 10,000 available visas. 86 The number of form I-526 approvals was 3,002 (about 79%); there were 775 rejections (about 21%). 87 There was a 94% approval rate for form I The number of applicants has been steadily increasing since 2005 when 332 applied for form I-526 and only 37 filed for form I This demonstrates an increasing trend of applicants for the visa. However, the number of approved applicants for the I-829 petition dropped this quarter to 639 as opposed to 1,067 in The number of approved applicants is still far below the allowable visa allotment. The Ombudsman s Office stated in the 2012 Annual report: [a]lthough the EB-5 program s popularity has increased, a large percentage of available EB-5 visas remain unused each year. 91 VII. CONCLUSION The United States is a nation of immigrants who come together to produce a stronger nation. Partnering with an EB-5 investor ensures specific monetary access and creates at least ten full-time jobs. This visa also creates stability for faltering businesses who can partner with immigrant investors that have specific incentives and requirements to fulfill. These incentives and requirements encourage the business s success, while establishing a sense of investment security. A Capital Region regional center that is geographically approved by the state and recognized by the federal government could 85 BERNSTEIN, OSBERG-BRAUN, CACO & SOLOW, EB-5 STATISTICS, statistics.html (last visited Nov. 7, 2012) U.S.C. 203(b)(5), 1153(b)(5)(A). 87 BERNSTEIN, OSBERG-BRAUN, CACO & SOLOW, supra note Id. 89 Id. 90 Id. 91 CITIZENSHIP & IMMIGRATION SERVS. OMBUDSMAN, supra note 9. 13

18 increase immigrant investment since the requirements are less restrictive and the investor does not need to demonstrate management of the enterprise. Target areas of industry, such as technology development or pharmaceutical research, could be highlighted in the Capital Region thus encouraging business development in those areas of interest. The road to economic recovery is difficult and without certainty, but the EB-5 visa and the Pilot Program should not be overlooked for its potential economic contribution to the United States and New York State. 14