In a story titled, "NYC and the Future of EB-5 Funding," by the Commercial Observer, Steven Polivy, chair of Akerman's Economic Development & Incentives Practice Group and New York Office managing partner, discussed the role of EB-5 investments in New York City. Based on the federal Immigrant Investor Program, this investment source has played a pivotal role after the 2008 market slowdown, which left developers seeking for project funding outside traditional lending channels. Polivy examined the evolution of the EB-5 program and its growing popularity, particularly among Chinese investors. Polivy also discussed the role of EB-5 funds in the capital stack for large-scale, urban redevelopment projects.

"I think that EB-5 has been an important tool and it is one that will continue to be important in New York City," Polivy told Commercial Observer.

"The city's current administration is focused on expanding the amount of affordable housing that is available and is being built," Polivy added. "EB-5 can play a very important role to fill the capital stack for affordable housing projects that are looking for financing and may not have 100 percent of their capital fully allocated, where EB-5 is more efficient and less expensive than things like mezzanine-level debt or equity."