The restoration of a significant building in Hudson is the subject of an article that appeared today in the Albany Business Review: "Financing the Pocketbook Factory."
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| Photo: Donna Abbott-Vlahos|Albany Business Review |
The article reports that the cost of the restoration has nearly doubled since 2021 when the project was first announced, going from $25 million to roughly $45 million. To meet the increased costs, the project is taking advantage of the EB-5 Reform and Integrity Act that President Biden signed in March 2022, which reauthorized the program for five years. The program allows qualified foreigners to invest in new commercial ventures in the United States. The investment must be at least $800,000, and it must create at least ten permanent full-time jobs. In exchange, investors can get a temporary green card for themselves and for each unmarried family member under age 21.
The renovation of the Pocketbook Factory is expected to be completed in another year.
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