The Hudson Yards development in New York raised $600 million from roughly 1,200 Chinese families to help finance the massive project.
As immigration continues to be a hot-button campaign issue, a lesser-known federal program called EB-5, which allows wealthy foreigners to obtain green cards by investing in development projects in the United States, is currently in the midst of a debate over renewal and reform. The small number of foreigners who qualify and take advantage of the program—roughly 11,000 applied last fiscal year—belies its massive impact, which could top $4 billion in real estate investments if all the projects move forward, according to The Wall Street Journal. With the program aleady funding developments from coast to coast, it's become an issue in the House, as urban representatives fear the loss of a potential source of development funds.
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