Posted On: 09/21/2016 8:08:48 AM
Post# of 75357
Interesting article. Wonder if any of this touches what is happening here.
From WSJ:
Facing an impending expiration, a controversial federal program designed to attract wealthy immigrants has federal lawmakers at an impasse, leaving its long-term future uncertain.
A key provision of the EB-5 program, which gives permanent U.S. residency to foreigners who invest at least $500,000 in certain businesses, is due to lapse Sept. 30, although Congress on Tuesday appeared to be ready to give it a short-term extension until after the presidential election.
The program has surged in popularity in recent years among real-estate developers who have tapped it to help finance some of the most high-profile projects in the U.S., including the giant Hudson Yards development rising on the west side of Manhattan. The main draw is the low-cost loans provided by the foreign investors—who are mostly from China—which can save the developers tens of millions to hundreds of millions of dollars in borrowing costs.
From WSJ:
Facing an impending expiration, a controversial federal program designed to attract wealthy immigrants has federal lawmakers at an impasse, leaving its long-term future uncertain.
A key provision of the EB-5 program, which gives permanent U.S. residency to foreigners who invest at least $500,000 in certain businesses, is due to lapse Sept. 30, although Congress on Tuesday appeared to be ready to give it a short-term extension until after the presidential election.
The program has surged in popularity in recent years among real-estate developers who have tapped it to help finance some of the most high-profile projects in the U.S., including the giant Hudson Yards development rising on the west side of Manhattan. The main draw is the low-cost loans provided by the foreign investors—who are mostly from China—which can save the developers tens of millions to hundreds of millions of dollars in borrowing costs.
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