EB5 Capital Meets with US Congressional Staff Members to Share Impact of EB-5 Program in the District

Last week, EB5 Capital hosted several United States Congressional staff members at The Highline (our 13th EB-5 project) to share the impact the EB-5 program is having in Washington, DC.

Located in the NoMa neighborhood of the District, The Highline is one of six EB-5 projects, all within walking distance of one another. EB5 Capital has invested $170 million in NoMa, creating over U.S. 6,100 jobs.

“Being located in the Washington, DC metro area allows us to stay connected to policy decisions around the EB-5 program,” said Brian Ostar, Senior VP of Global Operations. “Sharing what we’ve been able to accomplish in NoMa and areas similar to NoMa is a critical component of helping our legislators understand the value of the program as a strong, tax-free economic development tool.”

See a photo recap below.

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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