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Controversial Visa Program for Wealthy Gets Reprieve

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Congress has extended for two weeks a controversial U.S. immigration program that has helped finance a number of luxury condo developments in the country as part of a stopgap budget.

U.S. lawmakers avoided a government shutdown late Thursday by passing a temporary budget through Dec. 22. Along with that was the extension of the EB-5 visa program, which provides a path to citizenship for wealthy foreigners.

More: Learn More About the EB-5 Debate on Mansion Global

The green card pathway, which requires foreigners to invest a minimum of $500,000 in a job-creating project, has underpinned financing for major residential towers, including projects like Hudson Yards in Manhattan, Panorama City in Miami and Hollywood Park in Los Angeles. But a few well-publicized fraudulent projects involving EB-5 funding have placed more scrutiny and calls for reform on the visa pathway.

By now, lobbyists and politicians had hoped to have agreed on a bill updating the program, but major legislative snags and the ongoing investigation into Russian interference in the 2016 election have dogged Congress since President Donald Trump assumed office in January.



Source :- abcnews
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