About Eb5 Regional Center Program

About Eb5 Regional Center Program

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And I have been happy to fulfill them and happy to invite them. Chairman Leahy. As my last question, in some of the testimony this morning there has actually been a suggestion that, of program, simply with all the hundreds of billions, trillions of bucks all set to invest, you should simply go someplace else.


Stenger. I would certainly tell you that in this climate the capacity to elevate funding for the points we are doing would certainly have-- it is difficult to do so in a way that would certainly enable us as successfully and as promptly produce the things we have actually done. You can borrow money if you have actually obtained 50 percent down.


I could have borrowed fifty percent of that if I had the $12 million in money to put up. Every person knows that, yes, financial institutions have money to finance as long as you have obtained fifty percent of it in your pocket before you request for the various other half. That is not just how service works nowadays.

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Senator Grassley. Senator Grassley. I want to admit that we only have anecdotal info, but I would such as to ask you to what level you have to go or do go to make certain that the centers make sure that the financial investments do not develop jobs for individuals below unlawfully.


Mr. Stenger. We have hired-- as I said, at the Top we had 550 building and construction employees on our project.


They are made up of 10, 15, 20, 30 workers. They are benefiting directly from the financial investment. I understand the workers, I understand their families, and we have been able to utilize-- with these last 3 years of awful economic chaos, we have been able to employ almost every building and construction employee in our county and the bordering regions.

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They are invested in the communities, and they are all United state employees. Legislator Grassley. Mr. Stenger.


Thank you. Mr. North, along the exact same lines of the inquiry I asked him, has your research study revealed examples other-- and I only gave one example, so I intend to admit that and be accountable regarding it-- of centers working with undocumented people? Mr. North. That type of information is really hard to acquire from USCIS, and I have to say that what we do learn about numerous of the inner features of that agency regarding this program is worried associates with cases in which the staff has actually claimed no to an application of some kind and then the regional center or the specific business owner has gone to the Administrative Appeals Office-- which becomes part of the firm-- and there we obtain documents, we get a hearing police officer informing us what is taking place in that specific situation.




This is a poor application." So there is an amount of negative applications around, however just when that procedure gets before a management legislation judge do we see much in the way of detail. Now, there was one case that you discussed, and let me simply clarify on that a little bit.

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Mr - EB5 Regional Center Program. North. The dairy ranch had actually asserted 17 employees, and they obtained right into it, and the court discovered that 16 of them were illegals.


Okay. I am going to ask different concerns of each of the 3 of you, however it takes care of this problem. As I stated in my opening statement, I am concerned about the potential loophole that permits capitalists to withdraw their financial investment in regional centers after getting their permit.


Divine, are you knowledgeable about any kind of instances in which an investor withdrew the financial investment and left immediately after obtaining a permit? And if you are, or if you believe it is an issue, do you think that it is a technicality that should be shut? Mr. Divine. I would certainly state that a lot of the capitalists, if you asked what are their goals, they would certainly state, "I intend to obtain a permit, and I intend website to maintain it.


If I place my cash in a hotel development-- Senator Grassley. Can I think then that you are saying that there does not need to be any adjustments made in that regard? Mr. Divine. I do not think so. Senator Grassley. Okay. Let me ask Mr. Stenger, is it typical for a capitalist in your experience to withdraw his or her investment immediately after getting an environment-friendly card? Mr.

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Senator, no. Our programs require that the investor be invested for a minimum of 5 years and be paid back only if the organization is in a placement to do so at the end of that time. So we have the advantage of the resources to develop business, obtain it running, make it successful, guarantee that the jobs will be developed and preserved, and after that only if business is successful will there be an exit method for the financier.

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