Top regional center chief says Obama’s EB-5 tweaks would decimate program
Just before President Obama left office, the Department of Homeland Security proposed some serious rule changes to the EB-5 visa program, which awards green cards to foreign nationals investing in job-creating U.S. projects. The government currently gives out 10,000 of these visas a year, the overwhelming majority of them to Chinese investors investing in real estate development projects.
In the wake of a number of scandals related to fraudulent investment activity, dirty money, and skepticism about how many jobs the program really creates, the Obama administration proposed raising the minimum investment threshold to more than double what it is now, shallowing the pool of eligible investors.
- The Real Deal
- U.S. Chamber of Commerce
- Hudson Yards Manhattan Tower A-1 - A-8
- Chuck Grassley
- Gotham City Regional Center (Silverstein Properties Regional Center )
- New York
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