minimum investment of $500,000 in job-creating projects in the U.S. It’s become one of the most popular — and most controversial — fundraising vehicles for New York developers.
As part of the reform outlined in a draft bill by United States Citizenship and Immigration Services, the agency suggested raising the minimum amount investors would need to pump in to get a green card to $1.35 million, up from $500,000, for projects in areas with high unemployment. For projects in areas with average or low unemployment, they would have to invest $1.8 million, up from $1 million.
I don t think this goes anywhere, said Eric Orenstein, an attorney at Rosenberg Estis who has worked with developers raising EB-5 funds. The increase in the limits is out of line with anything that would be commercially feasible to any investor. It makes the entire program unmarketable.
In a bid to quell claims that the program favors projects in wealthy parts of the country, USCIS also proposed eliminating states ability to designate census tracts, which developers can cobble together in order to position their projects as being in low employment areas. That process, known as gerrymandering, allows them to attract investors at a lower price threshold.
Rather, the federal government would make the designations directly. In order to qualify as a l上海千花网论坛