U.S. Sen. Charles Schumer (D., N.Y) Wednesday had an answer to those who want to use a federal immigration program to help spark property development in impoverished neighborhoods: it won’t work.
The so-called EB-5 program gives certain immigrant investors green cards if they put money into job-creating projects. But the program has been the subject of a fight in Congress because real estate developers in affluent urban neighborhoods have dominated the program by using a provision meant to aid poor and rural areas–sparking anger from rural lawmakers who call this an abuse and distortion of the intent of the program.
This conflict was in plain view Wednesday at a Senate Judiciary Committee hearing on this issue of the “targeted employment areas” that are meant to receive EB-5 investment. On one side were Sens. Charles Grassley (R., Iowa) and Patrick Leahy (D., Vt.), who have led the push to change this provision.
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