It is our desire at Omega to use the knowledge we’ve accumulated through years of experience to help the senior living communities not only domestically, but abroad as well.
This consulting spans across multiple fields of expertise – development, management training, as well as financial consulting. Both the government financing programs Omega has implemented, along with the groundbreaking Regional Centers under development show Omega’s commitment to its projects and the community.
INTERNATIONAL CONSULTINGSenior living communities are not unique to the United States – but the western construction, development, and management model implemented here in the US has had greater success than management operations in other countries, such as China. Omega has engaged several Chinese enterprises to develop long-term development, management consulting, and training relationships where Omega provides domestic and onsite consulting and management training to Chinese-owned businesses – allowing them to further develop solutions to what has been described in Beijing as the “senior housing crisis.”
The principals Omega acts on have been in use in the senior living community market in the US – as well as in business in general in China – for decades. The unique combination Omega provides – a proficient team created from a multi-national, broadly talented force – affords it the opportunity to provide a best practices approach. Omega is currently in preliminary discussions with senior living investors and operators in other countries, as well.
FINANCIAL CONSULTINGIn addition to traditional funding sources, Omega has implemented two government-backed job development financing programs. First,
The New Markets Tax Credit Program was adopted in 2000 and offers significant tax credits to projects that create new jobs in distressed economic regions.The complex process involves the US Treasury allocating tax credits annually to Community Development Entities (CDE) who in turn allocate the credits to specific projects best suited for the increase in job development. The project may also choose to sell these credits (generating up to 30% of the value of the project) in immediately available funding, which is essentially “written off” the books of the project over seven years.
Second, under the USCIS EB-5 Immigrant Investor Program, foreign investors are given the opportunity to establish permanent residency in the US in exchange for a $500,000 or more investment in a job-creating business venture that is in a targeted employment area and has been approved by the Department of Homeland Security. This program began in 1990 to stimulate job growth in the US from foreign investors and has been the source of over $6 billion directly invested into the US economy. Where the New Markets Tax Credit infusion is treated as debt on the balance sheet of the project that is written off completely over a seven year period, the
EB-5 funds are generally repaid over a period of five to seven years and carry an interest rate of approximately 1-3%.Omega has filed a process patent application with regard to the combination of these two programs and the ability to track them through a computer application. Omega has already filed two applications with the USCIS to open Regional Centers in Florida and Puerto Rico, meant to facilitate the raising of foreign investment capital under the EB5 program. Omega has engaged the services of the law firm of Greenberg Traurig to handle all aspects of the filing and approval of the Omega Regional Centers.
Omega is somewhat unique in the fact that it operates its own Regional Centers to fund its own projects which ensures that all funds raised through the Regional Center will be allocated to the specific Omega project within the Regional Center footprint.The Regional Centers will be used to provide funding for Omega projects – and for projects of Omega’s Team members. Consideration is being given to open additional Regional Centers as necessary throughout the country – primarily to facilitate the funding for development of Omega projects. Omega is also willing to help other utilize the Regional Centers to assist other in raising the funds for development of their EB-5 approved projects under certain circumstances. There are currently only about 60 Regional Centers actively pursuing projects in the United States.