|Upscale Dallas project cashes in on EB-5 visa program - watchdog.org
September 24, 2015
A luxury apartment tower in affluent uptown Dallas obtained millions of dollars through an immigration program designed to aid depressed areas of Texas.
The joint venture by the city of Dallas and Civitas Capital Group secured funding from more than 100 overseas investors at $500,000 apiece. In exchange, the foreign nationals became eligible for U.S. visas and residency via the federal EB-5 program.
The buy-in would have been far steeper — $1 million per investor — if the Forest City West Village project had been located outside the federally designated Targeted Employment Area. But thanks to liberally drawn boundaries, the venture landed inside the coveted TEA.
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