Jared Kushner, President Donald Trump's son-in-law and senior advisor, took advantage of a federal program aimed at helping low-income communities to build a 50-story luxe residential tower in a wealthy neighborhood in New Jersey.
According to The Washington Post, Kushner and his real estate partners were able to receive $50 million in low-cost financing by using a tactic that is akin to the gerrymandering of legislative districts. The tactic is legal.
The loan program is aimed at promoting investment in struggling areas. Kushner Cos. drew up a map that stretches for miles beyond the affluent neighborhood of 65 Bay Street, which is where the tower is being built, to areas of south Jersey City where unemployment is high (see map below).
As a result, the project qualified for low-interest loans accessible through the EB-5 U.S. visa program, which is meant for foreigners to gain residence if they invest $500,000 in targeted areas of high unemployment.
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