- A U.S. congressman has introduced a bill that would terminate the EB-5 foreign investment visa program, according to Bisnow .
- U.S. Rep. Steve King, R-IA, introduced H.R. 1502 and cited the program's "fraud and abuse." King filed his bill a month before the program expires and in advance of an anticipated push by some lawmakers to extend it once again.
- The EB-5 program puts foreign investors at the head of the green-card applicant process in exchange for a $500,000 to $1 million investment in a commercial enterprise approved by the U.S. Citizenship and Immigration Services.
For many investors, the qualifying commercial enterprise takes the form of a real estate development. Such projects have seen a significant boost from the EB-5 program, such as Related Cos.' $25 billion Hudson Yards project, which reportedly garnered $600 million of investments that way. Underscoring how vital the program is to developers, Related has said the program should be expanded and has spent $1.4 million in lobbying fees in an attempt to keep it alive.
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