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Yet the legislation claims you have got to spend for 2 years which is all. Second, at one of the stakeholders meetings place on by USCIS, I asked an inquiry: Have you done any kind of study on just how much money remains past the 2 years? And the answer was no

Senator Grassley. Thanks, Mr. Chairman. I wish to have a second round. Chairman Leahy. . Allow me simply ask, Mr. Divine, you hear this criticism that the money only has to remain spent for 2 years. Has that been your experience? Mr. Divine. If cash obtains taken into a resort, as I was starting to discuss earlier, the designer of that job would have to be able to find someone to get the resort or would certainly need to have the ability to discover somebody to refinance it with various other cash.




It is none less complicated always than when it was in the problems that brought about the foreign investors being the most effective option for funding the thing to begin with. Hey, if it is an effective project, it makes money, and it can be offered, I do not see any reason why the task should not be able to be marketed and for the investor to be able to recognize the return of his financial investment, possibly acquire on his financial investment, just like every other capitalist.

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If you have a project that is moneyed straight through the Immigrant Capitalist Program and it is believed to be employing undocumented employees, Immigration and Traditions Enforcement could investigate the company, could they not? Mr. Divine.

Mr. Divine. Every one of these companies is called for to finish the I-9 form, however USCIS goes an action further and does a check of some kind that led to the situation that has been discussed. I am not a witness right here, however I am so struck by Mr.

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I mean, Imply recommend that suggest of you actually-- Really North, in your case, situation out obtain inside the Beltway and go up there and talk with some of these people.

They will state, "We have actually obtained about nine people here, and we have actually been below considering that 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not rather what an illegal alien could be stating. As a matter of fact, I assume Mr. Stenger would say that of his British investors was assuming, "Are we all speaking the very same language here?" Mr.

I asked Mr. Stenger this. Allow me ask you what your experience is as a former firm official. What does it do if Congress maintains tasting a final reauthorization? In this case it would certainly be, I think, September of next year, September of 2012. What does that do to a firm trying to provide a program if Congress waits till the last few days to reauthorize it? What is the sensible effect? Mr.

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I imply, the company basically is-- USCIS is a fee-funded firm, so it is basically type of running an organization EB5 Regional Center Program and needs to cover its expenses with the income that is produced. To run this program correctly, USCIS requires to staff up in a huge means, taking care of the quantity that is already there and preparing for the boosted quantity of even more financial investment as we obtain also close to half of the 10,000 visas that are offered in this group.

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I suggest, that has actually reached feel like a contrasting circumstance, and you would certainly envision that it is going to hold somebody back. Currently, I am not saying that they are holding back, and I recognize that they are trying to staff up due to the fact that I am sure they believe and hope that the program will certainly be reauthorized for the benefit of the Country.

And is that truly where they are going to be able to invest their time and sources in trying to clean up the policies of this program to make sure that everyone knows whether they can qualify or not and which sort of tasks are mosting likely to certify and so forth? We require that continuously.

And, Mr. Stenger, we in Vermont-- once more, a small State, yet we have the State government involved with the Vermont Regional. Mr. Stenger.

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