FIRST AIRED: April 28, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:01
>> 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.
00:00:19
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.
00:00:41
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.
00:01:06
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.
00:01:34
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.
00:01:59
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.