Proposed legislation would allow EB-5 funding for some, but not all, projects in prosperous cities
New York-based Related Companies is the dominant user of EB-5 financing.
The real estate industry is divided over a federal program that has allowed urban tower developers to get low-cost financing from foreign investors seeking green cards.
The EB-5 program makes green cards available to immigrants who invest at least $500,000 in certain businesses that create jobs.
The program is designed to funnel financing to job-creating projects in rural locations or areas with high unemployment.
Developers in designated high-unemployment areas can raise $500,000 per investor under the program, and the minimum is $1 million per investor outside such areas.
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