Interesting article in this week's New York Times which highlights a government program that grants "green cards" to foreign nationals who invest $500k or more in U.S. real estate development. Despite some criticisms, the program is gaining momentum--funding almost a BILLION dollars of new develpments in New York City alone.
Affluent foreigners are rushing to take advantage of a federal immigration program that offers them the chance to obtain a green card in return for investing in construction projects in the United States. With credit tight, the program has unexpectedly turned into a mainstay for the financing of these projects in New York, California, Texas and other states.
The number of foreign applicants, each of whom must invest at least $500,000 in a project, has nearly quadrupled in the last two years, to more than 3,800 in the 2011 fiscal year, officials said. Demand has grown so fast that the Obama administration, which is championing the program, is seeking to streamline the application process...
It is certainly an interesting option for foreign buyers (and US developers).
