Changes to a controversial visa program under consideration by the Trump administration could hurt a real estate project partially owned by the family of White House adviser Jared Kushner, the president’s son-in-law.
The decision, which rests with Homeland Security Secretary John F. Kelly, stands as an early test of how the Trump administration will handle matters that could carry significant consequences for the financial interests of the president’s extended family.
At the center of an ongoing controversy is the Kushner Cos.’ use of a federal visa program to raise $150 million from Chinese investors for two luxury towers in New Jersey. Under the EB-5 program, wealthy foreigners can get a fast-track visa if they invest at least $500,000 in an eligible project. Program critics have nicknamed it “visas for cash.”
The changes Kelly is considering, which have already gone through extensive review and public comment, would make it much more difficult to attract foreign money to projects in relatively prosperous areas, such as the one in Jersey City, experts said.
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