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Agency to loan California city $8 million
A California development agency has agreed to be the conduit for an $8 million loan from an EB-5 regional center bond to the city of San Bernardino, California.
The Inland Valley Development Agency (IVDA) would be a go-between for the transaction by authorizing the loan through a CMB Infrastructure Investment Group Revenue Bond, according to the Press-Enterprise.
The IVDA is a a multi-city and county authority that is in charge of monitoring the use of the former Norton Air Force Base.
CMB is an EB-5 regional center that focuses on the development of former military bases.
The EB-5 visa program allows foreign nationals a chance to become eligible for U.S. green cards. If a foreign national invests $1 million (or in some specially designated areas, $500,000) in an American business and that investment leads to the creation or preservation of 10 jobs, the investor becomes green card eligible.
EB-5 regional centers help manage and direct these investments.
San Bernardino plans to use the money to improve the infrastructure that surrounds the Inland Center Mall, reports the news source.