September 19, 2017

September 18, 2017

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Senator Jeff Flake Introduces EB-5 Regional Center Legislation

On October 1, 2015, Senator Jeff Flake of Arizona introduced S. 2115 the “Targeted Employment Areas Improvement Act.”  The legislation proposes to amend Section 203(b)(5)(B) of the Immigration and Nationality Act as follows:

  • Reserves 5,000 visas under the annual cap for investments made in targeted employment areas

  • Provides that an area designated as a targeted employment area shall be valid for five years, with the possibility for renewal in five-year increments

  • Provides that an investor who invests in a targeted employment area shall not be required to increase the investment should the designation expire

  • Deems as a targeted employment area a “community adversely affected” a military base closure pursuant to a recommendation from the Defense Base Closure and Realignment Commission

  • Defines “high unemployment area” as follows:

    • a “census tract or group of census tracts that are economically integrated” and which take into consideration commuter flow patterns, that meet the unemployment threshold of 150 percent of the national unemployment average

    • an area within the boundaries of a Federal or State development inventive program such as an enterprise zone, renewal community, promise zone, or empowerment zone, or any Federal or State program “designed to create jobs, start small businesses, or revitalize neighborhoods”

  • Defines “rural areas” as follows:

    • any area outside of a metropolitan statistical area

    • areas within a metropolitan statistical area that are 1) a city or town with a population of 20,000 or fewer residents “on the outer boundary” of an MSA, 2) a city or town with a population of 20,000 or fewer residents that is within a state with a population of fewer than 1.5 million residents, or 3) an area located in a census tract within an MSA that as a population density of fewer than 500 people per square mile

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About this Author

Laura Foote Reiff, Greenberg Traurig, business immigration lawyer, foreign company legal counsel, immigrant compliance attorney, targeted employment law
Northern Virginia Co-Managing Shareholder; Co-Chair, Business Immigration & Compliance Practice; Co-Chair, Global Human Capital Solutions

Laura Foote Reiff focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related employment compliance and legislative issues.

Laura advises corporations on a variety of compliance-related issues, particularly related to Form I-9 alien employment verification matters. Laura has been involved in audits and internal investigations and has successfully minimized monetary exposure as well as civil and criminal liabilities on behalf of her clients. She develops immigration compliance...

Practice Group Attorney

Matthew Virkstis focuses his practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related policy, political, and oversight issues. He is experienced advising trade associations and development companies on the EB-5 Immigrant Investor Program and issues related to adjudication of immigration petitions seeking approval to obtain financing for major infrastructure projects.

‡ Admitted in Vermont, not admitted in Virginia, and is limited to federal immigration practice.