U.S. Foreign Investor Program Funding More Luxury ProjectsBy
CreditTanveer Badal for The New York Times
A federal program meant to encourage investment in the United States from wealthy foreigners is increasingly supporting large luxury real estate projects, not the development in the rural and downtrodden districts that some say were the original targets of the program.
With billions of dollars flowing in, mostly from wealthy Chinese, the program faces an uncertain future. In September, Congress reset the expiration date on parts of the so-called EB-5 program to Dec. 9…
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