>> From refugees to high tech workers, the Trump Administration seems to be cracking down on people trying to enter the US. Except possibly for those wealthy enough to qualify for a visa program that's coming under some fire in Congress.>> I'm Havovi Cooper for Reuters in New York.
The EB-5 Visa was designed to attract rich immigrants who can invest $500,000 US dollars and create ten new US jobs. In exchange for a visa and an expedited path to US citizenship.>> The program was designed to spur US job creation, especially in rural or low income areas, like here in East Harlem.
This building under construction raised 14% of its financing from EB-5 investors.>> This is a project that's being built on 126th Street here in Manhattan. And here this is a great project, it's in New York, it's in a low income area, it's creating low income housing.>> But according to a federal government report from 2015 most EB-5 investors are overlooking low income areas.
And instead borrowing their money into neighborhoods with high end luxury projects, like the Hudson Yards in New York, or this hotel condo near Central Park. With the EB-5 Program coming up for renewal soon, Senators Patrick Leahey of Vermont and Chuck Grassley of Iowa say it's deeply flawed. They're calling for stricter background checks and for a certain percentage of the visas to be set aside solely for investment in rural states.
Expert say, even though the requirements may become more stringent, the EB-5 program which issues 10,000 visas every year, will probably continue under the Trump Administration.>> Everyone believes that Trump is going to be in favor of EB-5, he's used EB-5 himself, and his son-in-law Jared, used EB-5.>> One of Kushner's recent projects, a Trump branded luxury apartment tower in Jersey City.
According to the New York Times got a nearly a quarter of it's financing, about $15 million from Chinese investors who are beneficiaries of the EB-5 program.