Apr 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.