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The legislation states you have got to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings place on by USCIS, I asked an inquiry: Have you done any research on exactly how much money stays past the 2 years? And the solution was no


Legislator Grassley. Thanks, Mr. Chairman. I would love to have a 2nd round. Chairman Leahy. Absolutely. Allow me simply ask, Mr. Divine, you hear this criticism that the cash only has to continue to be spent for 2 years. Has that been your experience? Mr. Divine. If money gets put right into a resort, as I was beginning to clarify earlier, the developer of that project would certainly need to have the ability to discover somebody to purchase the hotel or would need to have the ability to discover someone to re-finance it with various other money.






It is not any kind of less complicated necessarily than when it remained in the conditions that led to the international financiers being the very best option for funding things in the first place. Yet, hi there, if it is an effective job, it generates income, and it can be marketed, I do not see any kind of factor why the job should not have the ability to be sold and for the financier to be able to recognize the return of his investment, maybe get on his financial investment, much like every other investor.

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If you have a job that is funded directly via the Immigrant Investor Program and it is thought to be employing undocumented employees, Immigration and Traditions Enforcement could investigate the company, could they not? Mr. Divine.


Chairman Leahy. But that would certainly coincide with any kind of company. Mr. Divine. Every one of these companies is required to complete the I-9 kind, but USCIS goes an action better and does a check of some kind that caused the case that has been stated. Chairman Leahy. I am not a witness here, however I am so struck by Mr.


I mean, I suggest that every one of you actually-- Mr. North, in your situation, venture out from inside the Beltway and go up there and talk with several of these individuals. For something, you do not have as well many illegal aliens that quite have the Vermont accent you hear around there, particularly when they chat about their grandparents who live there, and parents and more.


They will certainly claim, "We have obtained regarding 9 of us below, and we have been below considering that 5 o'clock today, Mister." [Giggling.] check out here Chairman Leahy. Not quite what an illegal alien might be claiming. I assume Mr. Stenger would state that one of his British capitalists 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 agency official. What does it do if Congress maintains meeting a final reauthorization? In this instance it would be, I believe, September of following year, September of 2012. What does that do to an agency trying to provide a program if Congress waits till the last few days to reauthorize it? What is the functional result? Mr.

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I mean, the agency in effect is-- USCIS is a fee-funded agency, so it is essentially kind of running a service and needs to cover its costs with the revenue that is generated. To run this program correctly, USCIS needs to staff up in a big way, handling the volume that is already there and expecting the enhanced quantity of more financial investment as we get back at near to fifty percent of the 10,000 visas that are available in this classification.

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I suggest, that has obtained to really feel like a conflicting circumstance, and you would certainly picture that it is mosting likely to hold somebody back. Now, I am not saying that they are keeping back, and I know that they are attempting to staff up because I make sure they think and wish that the program will be reauthorized for the advantage of the Country.


And is that really where they are going to be able to invest their time and resources in trying to improve the guidelines of this program to ensure that everybody understands whether they Full Report can qualify or not and which kinds of projects are going to certify etc? We require that consistently.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- once again, a little State, however we have the State government involved with the Vermont Regional Center. Does that include advantages to Vermont's program? Mr. Stenger. The truth that the State basics of Vermont is the regional facility manager, and in fact I presume you would certainly call it the proprietor of the regional center, has actually been a tremendous benefit.