 |
 |
 |
City of Victorville refunds $500,000 to EB-5 investor
The city of Victorville, California, which has seen its EB-5 visa program terminated by the federal government, recently refunded $500,000 to an Asian investor who loaned the money through the program, the Victorville Daily Press reports.
According to the news provider, the city also recently approved the spending of $50,000 to continue the appeal of the termination, claiming the EB-5 funding is the only potential refinancing option for its wastewater treatment plant.
Through the federal EB-5 visa program, foreign nationals have a chance to obtain U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.
The U.S. Citizenship and Immigration Services officially terminated the city's EB-5 program in October, the news provider said.
Victorville Mayor Ryan McEachron said that the city decided to refund the investor even though they are appealing the termination in order to avoid any potential threat of a lawsuit from him, according to the news source.