Victorville Regional Center gets six more EB-5 investors
The Victorville Regional Center in Victorville, California, is preparing to accept $3 million from six investors from the EB-5 visa program.
The $3 million brings the total amount invested in the EB-5 regional center to $7.5 million, but that is still far short of the $25 million that developer Inland Energy told the municipality it would raise by October, according to the Victorville Daily Press.
The investments come shortly after the Victorville Regional Center received a rare notice of “intent to terminate” from the U.S. Citizenship and Immigration Service (USCIS). The city responded to the charges that a number of the projects they planned to develop through the EB-5 visa program were defunct by sending the USCIS a detailed report in late June but has yet to hear back.
The EB-5 visa program gives foreign nationals a chance to earn U.S. green cards. If they invest $1 million in an American business and that investment leads to the creation or preservation of 10 jobs, then the investor becomes green card eligible.
EB-5 regional centers were established to help direct and manage EB-5 investments. Some of these centers, like the one in Victorville, are designated Targeted Employment Areas, where only $500,000 need be invested.
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