Victorville, Calif. July 22, 2009. In a move to bolster job growth and investment, the Victorville City Council has approved an investor visa program that will make 3,000 EB-5 visas available to qualified foreign investors. Funds from the investments will initially be used for a series of projects at Southern California Logistics Airport (SCLA). "Job growth is the driving force behind this program," said Keith Metzler, City of Victorville, director of economic development. "In addition to strengthening Victorville's economic and physical infrastructure, the projects funded by these investments will bring a healthy number of new jobs to the City." The program, which will report directly to U.S. Citizenship and Immigration Services (USCIS), will create private and limited partnerships to complete a series of projects at SCLA, including a wastewater treatment facility, electrical generation, intermodal rail improvements and various infrastructure improvements. The program was approved by the City Council last night and is expected to generate $25 million within the first year, with minimum investments of $500,000 per partnership.
1/ How many immigrant visas are allotted for this classification?
The EB-5 program allocates 10,000 visas per year for aliens and family members whose qualifying investments result in the creation or preservation of at least ten (10) full-time jobs for U.S. workers. 3,000 of these immigrant visas are set-aside for aliens who invest in designated regional centers, areas of high unemployment or other qualifying rural areas.
In 1990, the U.S. government created the EB-5 immigrant investor visa category (Green Card) as part of the Immigration Act. This new category was created in the hopes of attracting foreign immigrant investment to the U.S. and in the process, creating new jobs for American workers.
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