October 26, 2015
Sen. Jeff Flake (R-Ariz.) has introduced S.2115, "The Targeted Employment Areas Improvement Act", which will not help the economic gerrymandering that has dogged the EB-5 immigrant investor program.
In fact, his bill will perpetuate the problem.
The EB-5 program grants alien families who invest $500,000 in a DHS-sanctioned, but not guaranteed, investment a full set of green cards. The program is supposed to channel investment moneys to depressed rural and urban areas, but most of the funds have gone into real estate projects in glitzy locations like New York City, Los Angeles, and Las Vegas. With minor exceptions, EB-5 moneys are supposed to go to areas with unemployment rates at least 150 percent of the national rate. Read more...