EB-5 is a big, beautiful door for Trump corruption: State Dems

When the EB-5 visa program debuted in 1992, members of Congress said it would spur job growth and whip up a significant amount of capital investment from overseas. But despite vigorous support from the real estate industry and a largely supportive Congress, opposition against the program continues to mount. Critics have taken aim at Ponzi-style […]

No bills to build: The construction lending environment is tighter than ever

If you’re a newbie developer looking for financing to build in New York, fuggedaboutit. But uncertainty over a key financing program and a major tax incentive has made it very tricky for even seasoned players to fill out their capital stacks. Much of the tightness springs from the precarious futures of EB-5 and 421a and the […]

EB-5 investors are California dreamin’

From the Los Angeles website: West Coast, best coast. That’s certainly the attitude among EB-5 investors, the majority of whom choose to live in California, according to a recent report from the Department of Commerce. According to U.S. Citizenship and Immigration Services data recorded between 2009 and 2014, over 8,000 EB-5 investors and their family members resided […]

Obama administration’s new EB-5 bill could cool use of program by developers

A new proposal from the Obama administration may derail the real estate industry’s EB-5 gravy train. On Thursday, the administration proposed amending the EB-5 program to clamp down on reported abuses. If enacted, the suggested changes would likely have a cooling effect on developers’ ability to leverage the program to fund projects in wealthy areas […]

HAP Investments seeks $60M in EB-5 funding for Chelsea rental-condo project

HAP Investments – which has cycled through multiple designs for a planned rental-condominium development in Chelsea – is now seeking $60 million from EB-5 investors for the project. Eran Polack’s development firm is tapping the popular visa program, which awards a green card to foreigners who invest $500,000, for HAP’s $387 million development, according to […]