Vermont Senator Patrick Leahy says he can not support the “EB-5” Program any longer unless it’s reformed.
The program brings millions of dollars from immigrant investors to Vermont for construction projects, it expires at the end of the September.
Leahy stated the program started off as a way to bring money to rural parts of the country.
He pointed to success stories from Vergennes and Warren Vermont, he says the program is now filled with fraud and abuse.
"This program has become an unintended boom for the wealthy business districts in the country. Affluent areas now dominate the program. They exploit incentives that are intended for under privileged areas," said Leahy.
Earlier this year it was the foreign investors that put money into Jay and Burke resorts that sparked an investigation of the mishandling of that money.
You can read the whole statement from Senator Leahy.
http://www.mychamplainvalley.com/news/vt-senator-wants-eb-5-program-reformed
Mentions
- Vermont EB5 Regional Center
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- Patrick Leahy
States
- Vermont
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