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


Legislator Grassley. Thanks, Mr. Chairman. I want to have a second round. Chairman Leahy. Definitely. Let me just ask, Mr. Divine, you hear this criticism that the cash just has actually to continue to be spent for 2 years. Has that been your experience? Mr. Divine. If cash gets taken into a resort, as I was starting to describe earlier, the designer of that job would have to be able to find someone to acquire the resort or would certainly have to have the ability to locate someone to re-finance it with various other cash.

It is none easier always than when it remained in the conditions that resulted in the foreign capitalists being the ideal choice for funding things in the first area. Yet, hi, if it is a successful job, it makes money, and it can be offered, I do not see any kind of reason the project need to not be able to be marketed and for the investor to be able to understand the return of his investment, possibly gain on his financial investment, just like every various other investor.

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If you have a task that is funded straight with the Immigrant Investor Program and it is thought to be employing undocumented employees, Immigration and Customs Enforcement could explore the company, could they not? Mr. Divine.


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

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

They will say, "We have actually got regarding 9 people right here, and we have actually been below discover here given that 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not quite what an illegal alien may be claiming. I think Mr. Stenger would certainly say that one of his British financiers was assuming, "Are we all talking the same language here?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a former agency official. What does it do if Congress maintains tasting a last-minute reauthorization? In this case it would certainly be, I assume, September of next year, September of 2012. What does that do to an agency trying to provide a program if Congress waits up until the last couple of days to reauthorize it? What is the sensible effect? Mr.

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I imply, the company essentially is-- USCIS is a fee-funded agency, so it is essentially sort of running an organization and has to cover its costs with the earnings that is generated. To run this program appropriately, USCIS requires to staff up in a huge way, managing the volume that is currently there and expecting the enhanced quantity of more investment as we obtain even near to fifty percent of the 10,000 visas that are offered in this classification.

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I indicate, that has reached seem like a conflicting circumstance, and you would imagine link that it is going to hold someone 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 really hope that the program will be reauthorized for the benefit of the Country.


And is that actually where they are going to have the ability to spend their time and resources in trying to clean up the policies of this program so that everyone knows whether they go to the website can qualify or not and which type of tasks are mosting likely to certify etc? We require that continually.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- once again, a little State, yet we have the State government included with the Vermont Regional Facility. Does that add benefits to Vermont's program? Mr. Stenger. The fact that the State of Vermont is the regional facility manager, and in fact I think you would call it the owner of the local facility, has actually been a significant advantage.