VAYK Confirmed Its Eligibility for $1.8 Million Investment through Federal EB5 Program

Rhea-AI Summary

Vaycaychella, Inc. (VAYK) secures $1.8 million investment under the EB5 program for its short-term rental project in downtown Atlanta. The company aims to pay back the interest-free loan over 10 years, benefiting from a $157 million federal grant for neighborhood development.

Positive

• Vaycaychella secures $1.8 million investment under the EB5 program for its short-term rental project in downtown Atlanta.
• The company plans to pay back the interest-free loan over 10 years, starting from 5 years later.
• Vaycaychella aims to work with investors to secure EB5 green cards for their families.
• The company benefits from a $157 million federal grant for neighborhood development in downtown Atlanta.
• The Stitch project aims to reconnect Downtown and Midtown Atlanta, creating urban greenspace and transportation enhancements.
• The Stitch project is estimated to bring new residents, jobs, visitors, and affordable housing units, potentially generating significant tax revenue.
• The Stitch project is expected to improve the prospects of Vaycaychella's $5 million short-rental project in the same neighborhood.

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• None.

DALLAS, April 11, 2024 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") today announces that the company has confirmed with legal experts of its eligibility for $1.8 million investment under a federal program widely known as EB5.

5 Year Interest-Free Loan to Be Paid Back over 10 Years after Maturity

EB5 is a legal immigration program created by U.S. congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. Under this program, investors (and their spouses and unmarried children under 21 years old) can acquire lawful permanent residence (known popularly as "Green Card") in the United States if they: 1) make $1.8 million investment in a commercial enterprise in the United States; and 2) plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.

Vaycaychella has reached out to foreign investors who may be interested in providing $1.8 million to the company for the purpose of developing its short-term rental (Airbnb) project in downtown Atlanta. Vaycaychella expects that the $1.8 million will be invested as zero-interest loan for a term of 5 years, and the company will pay back the loan starting from 5 years later, at a interest rate favoring the company, over a period of another 10 years. In exchange, Vaycaychella will work with the investor to secure EB5 green cards for its family. The final terms and conditions of the investment is subject to the negotiation between Vaycaychella and the prospective investor.

$157 Million Federal Funds for Neighborhood Development Project

Vaycaychella made the announcement after the grant of $157 million dollar of federal funds, to a downtown Atlanta project called "the Stitch" ( https://www.wabe.org/feds-award-157m-grant-to-reconnect-atlanta-neighborhoods-with-the-stitch/). The project is only two blocks from VAYK's newly acquired $5 Million short-term rental property.

The Stitch (https://thestitchatl.com/) is a transformational civic infrastructure investment needed to reconnect Downtown and Midtown Atlanta. Once implemented, the Stitch will create approximately 14 acres of urban greenspace and transportation enhancements atop a new, 3/4-mile platform spanning the Downtown Connector between Ted Turner Drive and Piedmont Avenue.

According to an estimate cited by its official website, the Stitch would bring new residents, jobs, and visitors downtown and include an estimated 3000+ units of nearby affordable housing. This could result in $2-3 billion in private investment that would generate $21 to $58 million in new annual tax revenue.

The Stitch, according to Vaycaychella's management team, will greatly improve the prospects of the $5 million short-rental project to be developed and operated by Vaycaychella in the same neighborhood. It will likely make the project more attractive to potential EB5 investors who may invest $1.8 million for its development.

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

VAYK Contact:
Contact@Vaycaychella.com
+1 972-658-5365

 

View original content:https://www.prnewswire.com/news-releases/vayk-confirmed-its-eligibility-for-1-8-million-investment-through-federal-eb5-program-302114430.html

SOURCE Vaycaychella, Inc.

FAQ

What is the purpose of Vaycaychella's $1.8 million investment under the EB5 program?

Vaycaychella aims to develop its short-term rental project in downtown Atlanta.

How long is the term for the $1.8 million interest-free loan?

The loan term is 5 years, with repayment starting after 5 years over an additional 10-year period.

What is the significance of the $157 million federal grant mentioned in the PR?

The grant is for a neighborhood development project in downtown Atlanta called 'the Stitch'.

What is the Stitch project about?

The Stitch project aims to reconnect Downtown and Midtown Atlanta, creating urban greenspace and transportation enhancements.

How many units of affordable housing are estimated to be included in the Stitch project?

An estimated 3000+ units of nearby affordable housing are expected to be part of the Stitch project.