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California town to vote on joining enterprise zone
A town in California is currently deciding whether or not to join a number of surrounding municipalities in the creation of an enterprise zone, which would involve the EB-5 visa program.
The town council of Apple Valley, California, will soon vote on a measure that would team the town up with Adelanto, Victorville and San Bernadino County to create a Victor Valley Enterprise Zone, according to the Victorville Daily Press.
This proposed enterprise zone might also apply to become an EB-5 regional center, according to the news source.
Created in 1990, the EB-5 visa program gives foreign nationals a chance to earn U.S. green cards. If a foreigner invests $1 million in an American business and that investment creates or preserves 10 jobs, then the investor becomes eligible for his or her green card.
Shortly after the EB-5 visa program was established, EB-5 regional centers were created to help direct and manage EB-5 investments. Some of these centers, like the proposed one in Victor Valley, are termed Targeted Employment Areas (TEAs), which are distinguished by their high unemployment rates. Only $500,000 need be invested in such a territory.
Victorville’s EB-5 regional center has caught the attention of federal authorities who are currently considering the termination of the center.