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The law says you have actually obtained to spend for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings place on by USCIS, I asked a concern: Have you done any type of research on exactly how much cash remains past the 2 years? And the solution was no


Legislator Grassley. Thank you, Mr. Chairman. I would like to have a second round. Chairman Leahy. . Let me simply ask, Mr. Divine, you hear this objection that the cash just needs to continue to be spent for 2 years. Has that been your experience? Mr. Divine. If money obtains put into a hotel, as I was beginning to clarify earlier, the developer of that project would certainly need to have the ability to locate someone to acquire the hotel or would certainly need to have the ability to locate someone to refinance it with other money.






It is none much easier necessarily than when it remained in the problems that resulted in the international investors being the very best alternative for financing things in the initial location. Hey, if it is an effective project, it makes cash, and it can be sold, I do not see any kind of factor why the job ought to not be able to be marketed and for the investor to be able to understand the return of his financial investment, maybe get on his financial investment, just like every various other financier.

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If you have a project that is moneyed directly with the Immigrant Investor Program and it is thought to be employing undocumented workers, Migration and Customs check here Enforcement could examine the company, could they not? Mr. Divine.


Mr. Divine. Every one of these employers is called for to complete the I-9 kind, however USCIS goes an action better and does a check of some kind that led to the case that has actually been mentioned. I am not a witness below, but I am so struck by Mr.

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I mean, Suggest recommend that advise of you actually-- Mr. North, in your case, get out from inside the Beltway and go up there and talk with some of these people.


Mr.


I asked Mr. Stenger this. Mr.


I mean, suggest agency in company is-- USCIS is a fee-funded agency, firm it is essentially kind of running a business and has to cover its expenses with the income that revenue generated. To run this program properly, USCIS requires to staff up in a huge way, dealing with the quantity that is currently there and anticipating the increased quantity of more financial investment as we get also close to half of the 10,000 visas that are readily available in this classification.

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I suggest, that has reached seem like a contrasting scenario, and you would certainly envision that it is going to hold someone back. Currently, I am not saying that they are keeping back, and I know that they are trying to staff up since I am certain they think and hope that the program will be reauthorized for the benefit of the Nation.


And is that really where they are mosting likely to have the ability to invest their time and resources in trying to clean up the rules of this program to ensure that everyone understands whether they can certify or otherwise and which sort of tasks are going to qualify and so forth? We need that continuously.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- again, a small State, however we have the State government included with the Vermont Regional Facility. Does that include advantages to Vermont's program? Mr. Stenger. The reality that the State of Vermont is the local facility manager, and really I think you would certainly call it the owner of the regional center, has actually been a remarkable advantage.