EB-5 law extended until September 30, 2017

Friday, April 28, 2017

A Continuing Resolution (CR) has been approved to serve as a vehicle to extend government operations. Congress has decided the EB-5 policy will extend once again until the end of the Fiscal Year, by September 30, 2017.

We recommend you to contact an immigration attorney to learn more about EB-5 and their expectations in regards to the law change.

Since the investment process may take some time, contact us today to learn more about our projects!

Will Eb-5 Reform happen on April 28, 2017?

Friday, April 7, 2017 – Henderson Le

Reforms to the EB-5 Immigrant Program is, once again, being due on April 28th. Nevertheless, changes likely won’t come in time. Democrats and Republicans can’t agree on how the program should be changed, even within the party. Given the looming deadline, it is more likely that at least one more short-term extension will be issued.

A few significant issues being discussed for reforms include raising the required investment amounts and introducing more oversight to reduce incidents of sponsor fraud or misappropriated funds. The investment amounts have remained the same since the program was introduced in 1990, so there is discussion about raising those amounts and ongoing debate on how much they should rise and when increases should go into effect.

One of the biggest complaints about EB-5 is that some projects qualify for the lower $500,000 investment due to cobbling together a series of census tracts in order to come up with the high unemployment numbers required for an area to be designated as a TEA. EB-5 investors have a choice between about 500 active EB-5 projects around the country, so it is no surprise that they are gravitating to high-profile developments in major metros. Before any changes take effect, investors still have the opportunity and privilege to select one of the best locations on an EB5 project offered by the Prime Group Inc.

The Canopy by Hilton is set to start construction in 2017, located in the center of Chicago downtown, and situated next to the Federal Reserve Bank, 1.5 block from the Chicago Board of Trade, and 2 blocks from the Willis Tower, the second tallest building in America, is a rare find and a secure investment for EB5 investors. This project having short-term construction period and the creation of 1,122 jobs help investors to obtain green card qualification in the shortest time possible allowed by USCIS. Please contact our agents for more details.


*Source of information taken from article from National Real Estate Investor written by Beth Mattson-Teig, 04-04-2017.

New proposed bill to limit family-based immigration

Thursday, February 9, 2017

By Henderson Le, Prime Group.

Sens. Tom Cotton, left, and David Perdue are teaming up with the White House to introduce legislation to restrict legal immigration. (CHRIS KLEPONIS & DREW ANGERER/GETTY IMAGES)

Sens. Tom Cotton of Arkansas and Sens. David Perdue of Georgia proposed to reduce legal immigration from 1 million to 500,000 green cards per year.

The bill, “Reforming American Immigration for Strong Employment Act” (RAISE Act), aims to limit the number of family-based visas so that only spouses and unmarried minor children of citizens and permanent residents can get green cards. The bill will not allow children to apply green card for their parents, as well brothers and sisters. This will stop the “maternity green card trip” which arranges for the foreign mother to bear children in the US. The children will grant green card for the parents when they are 18.

Nevertheless, if the elderly parents require special assistant from the children due to health issues, a renewable visa can be granted to parents. This visa does not grant them the permission to work, nor can they receive public benefits. The parents have to show guaranteed support of health insurance by the sponsoring children. There is no path to citizenship for the parents.

The two Senators also eliminate the diversity visa lottery that doles out 50,000 green cards a year and set a 50,000 cap on green cards for refugees.

There is no mention about EB-5 investors program in this bill. The administration is strangely mum on words about investor visa, as opposed to every other visa programs.

Unlike the past eight years, when debate centered on legalizing illegal immigrants and drawing in more legal migrants, the conversation under President Trump is likely to focus more on imposing limits.

The bill is expected to be passed by the majority of Republicans on the Senate floor.

 

Source: U.S.News, CNBC

Marriot Hotel Residence Inn Celebrates Grand Opening

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The hotel is the world’s largest Residence Inn, with 381 rooms. On hand for the hotel’s grand opening in November were Arne M. Sorenson, president and chief executive officer of Marriott International, Inc.; Tommie L. Van, General Manager of Residence Inn Marriott. and Michael W. Reschke, chairman and CEO of The Prime Group, Inc. An affiliate of The Prime Group owns the property.

Read more with the links below …

https://www.grouptour.com/worlds-largest-residence-inn-by-marriott-opens-in-downtown-chicago/

http://www.chicagobusiness.com/realestate/20150922/CRED01/150929976/putting-a-little-ritz-in-a-residence-inn

http://chicago.curbed.com/2015/10/16/9910330/new-residence-inn-is-renovated-and-restored-for-grand-opening