The EB-5 "Immigrant Investor" program which was designed to encourage job growth by offering visa to foreign investors who put $1 million towards a project that created at least 10 jobs is set to expire. CNBC staffer Diana Olick reports on the controversial bill set to expire this week.
The project was very controversial due to the creation of "regional centers" where developers could apply and foreign investors could pool money to create larger projects:
This last part is what has come under fire because some contend that "regional center" projects can be jiggered around with, allowing developers to build swank new projects in wealthy areas, using EB-5 money.New York City's Hudson Yards, being developed by Related Cos., and San Francisco's Hunters Point Shipyard, developed by Miami-based Lennar, are examples cited by critics
To learn more about the possible end of this controversial program, head over to CNBC: