• Visa Program Benefiting Redevelopment Projects under Scrutiny of Lawmakers0

    Lawmakers are considering tightening a federal program which has provided a significant source of financing for base redevelopment projects in California. The EB-5 visa program grants 10,000 visas annually to foreigners and their families who have invested $1 million in projects in the United States that create at least 10 jobs, or who have invested $500,000 if the money supports areas of high unemployment. Two San Francisco reuse projects have benefited tremendously from the program. Lennar Urban has obtained nearly $300 million through the EB-5 program for its redevelopment of the former Hunters Point Naval Shipyard and adjacent Candlestick Point, reported the San Francisco Chronicle. Lennar has raised about $200 million through the program for the redevelopment of Treasure Island …