Congress on Friday extended for a week the EB-5 immigration program, a way for rich foreigners to obtain green cards through investment in the United States, according to U.S. Citizenship and Immigration Services.
The program that’s faced mounting scrutiny from lawmakers was set to expire but was saved—for now—in the nick of time as the government passed a continuing resolution to extend federal funding through May 5, which encompassed EB-5.
“We have another week of EB-5,” said Steve Blando, spokesman for USCIS.
The program allows foreigners to obtain green cards by investing at least $500,000 in economic development projects, which have tended to be luxury developments and hotels in urban centers like New York City, Miami and Los Angeles.
It has directly benefited President Donald Trump and his top adviser and son-in-law Jared Kushner, who reportedly used EB-5 investors to finance Trump Bay Street, a luxury apartment complex in Jersey City, New Jersey. But the program would have come to a grinding halt without the short-term extension.
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