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The legislation states you have actually got to spend for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings put on by USCIS, I asked a question: Have you done any type of research on just how much cash remains past the 2 years? And the solution was no


Senator Grassley. Thank you, Mr. Chairman. I want to have a 2nd round. Chairman Leahy. Absolutely. Allow me just ask, Mr. Divine, you hear this objection that the cash just has actually to remain spent for 2 years. Has that been your experience? Mr. Divine. If money obtains taken into a hotel, as I was starting to explain earlier, the designer of that task would need to have the ability to discover somebody to buy the hotel or would certainly have to be able to locate somebody to refinance it with various other money.






It is not any kind of simpler always than when it remained in the conditions that caused the foreign financiers being the best option for financing the important things to begin with. Yet, hey, if it is a successful project, it earns money, and it can be offered, I do not see any kind of reason why the project should not be able to be marketed and for the financier to be able to recognize the return of his investment, maybe obtain on his financial investment, much like every other investor.

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If you have a project that is funded directly with the Immigrant Investor Program and it is believed to be using undocumented employees, Migration and Traditions Enforcement could check out the employer, could they not? Mr. Divine.


Mr. Divine. Every one of these companies is called for to finish the I-9 kind, however USCIS goes an action even more and does a check of some kind that led to the situation that has been stated. I am not a witness below, however I am so struck my site by Mr.

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I mean, Imply recommend that suggest of you actually-- Really North, in your case, get out from inside the Beltway and go up there and talk with some of these people.


They will state, "We have got concerning 9 people right here, and we have actually been here since 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not fairly what an illegal alien could be stating. I believe Mr. Stenger would certainly state that one of his British investors was thinking, "Are we all talking the very same language here?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a previous firm authorities. What does it do Home Page if Congress maintains tasting a final reauthorization? In this situation it would be, I believe, September of following year, September of 2012. What does that do to a company attempting to provide a program if Congress waits till the last couple of days to reauthorize it? What is the sensible result? Mr.

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I indicate, the company essentially is-- USCIS see post is a fee-funded firm, so it is basically type of running a company and needs to cover its costs with the income that is produced. To run this program correctly, USCIS needs to staff up in a large means, managing the quantity that is currently there and preparing for the raised quantity of more financial investment as we obtain also near to half of the 10,000 visas that are offered in this group.

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I mean, that has reached really feel like a conflicting circumstance, and you would envision that it is mosting likely to hold someone back. Now, I am not stating that they are holding back, and I understand that they are attempting to staff up since I am sure they think and really hope that the program will be reauthorized for the advantage of the Nation.


And is that actually where they are going to have the ability to invest their time and sources in trying to improve the guidelines of this program to ensure that everyone knows whether they can certify or not and which kinds of projects are going to certify and so forth? We require that continuously.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- again, a little State, but we have the State federal government entailed with the Vermont Regional Facility. Does that include advantages to Vermont's program? Mr. Stenger. The fact that the State of Vermont is the local facility manager, and actually I think you would certainly call it the owner of the regional facility, has been a significant benefit.