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Incumbent alderman candidate in Chicago pushing expansion of EB-5 visa program
Facing two challengers in the race for alderman of Chicago's 25th ward, incumbent candidate Alderman Daniel Solis is looking to expand the federal EB-5 visa program in order to boost the city's financial health, reports Gazette Chicago.
Many of the suggestions that Solis has reportedly offered during his campaign are ways to enable the city to overcome the financial crisis without having to raise taxes. Solis says that consolidating departments in the city and selling advertising space on property owned by Chicago can help do just that.
According to the news provider, Solis also feels that by boosting the EB-5 visa program, the city will be able to generate foreign capital that can lead to job creation. Solis believes that the program is not utilized to its full potential in Chicago, the news source said.
Through the EB-5 program, foreigners can 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.