With many cites in desperate need of economic stimulation, several development companies are turning to foreign funding sources for their projects.
While other communities are eagerly awaiting approval from USCIS to open new regional centers that will provide companies with foreign investor funding though the EB5 visa program, one whose regional center was unable to comply with EB5 program requirements is now willing to take on the federal government in court to get its regional center reinstated.
A sharp increase in the number of regional centers has led to some concerns that many centers? knowingly or not? may not have the best interest of the investor in mind. The city of Victorville, California made headlines twice during the month of June, with news that the city was not going to take the termination of its regional center lying down.
The Victorville Regional Center was closed last October in response to findings that the city was not adhering to USCIS requirements for job creation. The Victorville Daily Press announced that the city plans to file a civil suit against The Department of Homeland Security and USCIS to get its EB5 visa investor program back.
On a more positive note, Oregon received federal agency approval last month to open the state's first EB5 regional center. The East Oregonian reported that The Oregon Regional Center, operated by the American United Development Group, will distribute immigrant investor capital to the entire state. The center is expected to draw in millions from foreign investors and boost employment statewide.
Also making regional center news, the Amarillo Globe-News reported that Wallace Bajjali Development Partners is currently considering the EB-5 visa program to help fund a downtown redevelopment project in Amarillo, Texas. The firm is currently in discussion with Civitas Capital Management, third-party manager of the City of Dallas Regional Center, to consider pursuing the addition of a regional center in Amarillo.