There are different standards for government programs, particularly those that benefit the well-connected, and the EB-5 program keeps rolling along despite the fact that a majority of its applications were rejected by the Department of Homeland Security in the 21 months spanning July 1, 2021, to March 31, 2023.
I noted previously how slowly the EB-5 program had been recovering from a hiatus caused by the lack of renewed authorization by the Congress for a period of nine months and by the reforms instituted by it when it did do so.
My measure had been the issuance of visas in the program by the State Department.
Back in the last quarter of FY 2021, when the Biden Administration finally sensed that there was something deeply wrong with this controversy-filled program it rejected fully 84% of the EB-5 applications in front of it.
Congress revised much of the program in 2021 and established set-asides for investments in genuinely depressed rural areas, depressed urban ones and for infrastructure programs.
The program continues to issue backlogged visas for Chinese and Indian investors; the immigration law's per-country caps slowed the issuance of EB-5 visas to aliens from those two nations over the last decade or so.
In the past developers had been keen on the program because it allowed them to pay one or two percentage points to the aliens for mezzanine financing, when the market rates were close to 10 percent.
https://cis.org/North/Majority-EB5-Applications-Being-Rejected-DHS
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