Chinese seeking U.S. residency help finance new construction
Miami is turning to the Chinese to help solve its affordable-housing problem.
Last week, Miami Mayor Tomás Regalado called on housing developers to build more apartments targeted to teachers, police officers, young professionals and senior citizens—groups that have been on the sidelines during the city’s luxury-housing boom.
The twist: The city will arrange for selected developments to be partially funded by a federal visa program known as EB-5, which grants green cards to foreigners who invest at least $500,000 in businesses or construction projects that create American jobs. The overwhelming majority of EB-5 investors are individuals from China eager to obtain U.S. residency.
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