While reports claim construction to turn the Ziock Building into a downtown Embassy Suites could begin this year, the numbers continue to tell another story.
As was the case a year ago, the federal EB-5 program is set to sunset at the end of September. Last year, Congress extended the cash-for-visa program before the 2015 sunset date. Things appear to have changed in 2016, however. That means for the likes of the yet-to-be started Ziock Building, prayer may be the only hope.
The Scribbler believes in prayer. But sometimes God’s answer is NO. What about magic?
Anyway, here’s what appears to be the skinny on the current state of EB-5. First, the House and Senate will be in and out through October. And because the now-controversial foreign investment program is rife with alleged fraud in a handful of communities, a growing number of lawmakers may just want it to go away–at least for now.
It’s also a presidential election year. Significant legislation probably won’t be passed until after voters go to the polls in November. That may leave those who sold this bill of goods to taxpayers in a rather sticky spot.
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