Congress soon could make it harder for rich people to move to the U.S.

The original plan was to attract foreign investment to blighted neighborhoods. But instead, the controversial EB-5 investor visa enabled affluent Chinese to park their cash in high-end real estate in Beverly Hills and Manhattan — benefiting developers such as President Trump and his son-in-law, Jared Kushner.

Now the visas criticized as “green cards for cash” face a questionable future, with some members of Congress refusing to reauthorize the program, which expires Friday, unless there is significant reform.

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EB-5 likely to be extended again; deadline looms

Once again Congress is poised to decide the fate of the EB-5 program that enables foreign investors – many of whom are Chinese – to pump between $500,000 and $1 million into US projects that create jobs in return for visas.

EB-5 is scheduled to expire on Friday unless Congress acts. According to Stephen Yale-Loehr, an attorney and Cornell University law professor, Congress is likely to once again extend EB-5 temporarily as it weighs more pressing matters and agrees on changes to the program.

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My Word: Program has created jobs, it must be allowed to do so

Washington can be a tough place to read. Even so, there’s a policy debate at hand that I find puzzling.

We have a new president who has boldly promised to create 25 million jobs over the next decade and a conservative Congress deeply concerned with reducing the tax burden on the American people and addressing the national debt.

And yet there is a federal program on the books right now that answers all calls but faces possible expiration on the eve of the Trump administration’s 100-day mark.

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This visa program connected foreign investors to dozens of real estate projects. Is it doomed under Trump?

The Trump administration’s shifting policies on immigration and a variety of other concerns have prompted some to wonder what will become of EB-5.

The EB-5 program was created in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. The program allows foreign investors and their wives and unmarried children under 21 to obtain a green card and eventually become U.S. citizens in exchange for a $500,000 or $1 million investment in a commercial enterprise creating at least 10 jobs.

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EB-5’s fighting chance

In early 2013, a press release for an upcoming luxury high-rise in New Jersey was blasted out to investors more than 6,000 miles away.

Aimed at wealthy Chinese seeking a life in America through the EB-5 visa program — green cards awarded to foreign nationals in exchange for investments in job-creating projects — the release cited Jersey City’s demand for upscale rentals at prices set well below the Manhattan market. Kushner Companies, the developer of the $218 million project later christened Trump Bay Street, would begin construction on the 50-story tower the following year if enough capital was raised.

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Construction Begins On $100M Highline At Union Market

Mayor Muriel Bowser was on hand Wednesday to mark the groundbreaking of the latest major multifamily project at Union Market.

Level 2 Development, Federal Capital Partners and Clark Enterprises broke ground on The Highline, a 318-unit apartment building with 10k SF of ground-floor retail at 320 Florida Ave. NE. The $100M project is expected to deliver in the first quarter of 2019.

The 12-story building will have a rooftop pool, and the developers plan to build a park next to the building that will give pedestrians easier access between the NoMa and Union Market neighborhoods.

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Top regional center chief says Obama’s EB-5 tweaks would decimate program

Just before President Obama left office, the Department of Homeland Security proposed some serious rule changes to the EB-5 visa program, which awards green cards to foreign nationals investing in job-creating U.S. projects. The government currently gives out 10,000 of these visas a year, the overwhelming majority of them to Chinese investors investing in real estate development projects.

In the wake of a number of scandals related to fraudulent investment activity, dirty money, and skepticism about how many jobs the program really creates, the Obama administration proposed raising the minimum investment threshold to more than double what it is now, shallowing the pool of eligible investors.

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$100M Development Coming to DC

Federal Capital Partners, Level 2 Development and Clark Enterprises are building a luxury building with 318 units.

Washington, D.C.—Federal Capital Partners has partnered with Level 2 Development LLC and Clark Enterprises Inc. to develop The Highline, a $100 million apartment community in Washington, D.C.

Located at 320 Florida Ave., NE the community will include 318 luxury apartment homes including four penthouse units and approximately 10,000 square feet of first floor retail space.

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Joint Venture to Develop $100M Apartment Community in D.C.

WASHINGTON, D.C. — A joint venture between Federal Capital Partners (FCP), Level 2 Development LLC and Clark Enterprises Inc. plans to develop The Highline, a $100 million apartment community located at 320 Florida Ave. N.E. in Washington, D.C. The property will feature 314 residential units, four penthouse residences and roughly 10,000 square feet of first-floor retail space. Designed by Eric Colbert & Associates, the 12-story community will feature warehouse-style windows, materials reminiscent of rail cars and riveted steel columns.

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