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March 29, 2011

Believable? Feds told $249M in immigrant investor (EB-5) funds would create 3705 construction jobs, 350 in retail, 1786 in art/entertainment

Atlantic Yards Report

How can Forest City Ratner and its partner, an investment pool called the New York City Regional Center (NYCRC), claim that 498 Chinese (and Korean) millionaires seeking green cards would create 7696 jobs by investing a half-million dollars each ($249 million total) in the Atlantic Yards project?

It's one of the most preposterous claims in the entire saga of Forest City Ratner's effort to gain a low-interest loan, saving perhaps $191 million, via the federal government's EB-5 program. Under the program, investors and their families gain green cards in exchange for purportedly job-creating investments, ten per investor.

Now there's new evidence undermining the claim, given that the claimed job total--including jobs in construction and entertainment--can't reflect how the money would be used.

A graphic on the web site of Kookmin, a South Korean immigration agency working with the NYCRC, suggests, for example, that the investment would create 3705 construction jobs and 1786.5 jobs in "art, entertainment."

Those numbers defy common sense--the entertainment jobs, for example, would have to be tied to the arena.

But the money isn't needed for the arena.

Read on [that means YOU, U.S. Citizenship & Immigration Services!] for Norman Oder's thorough dismantling of the Atlantic Yards EB-5 house of [green] cards.

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NoLandGrab: We just emailed a link to this story to uscis.immigrantinvestorprogram@dhs.gov urging the Citizenship & Immigration Services to dig into this shady deal. We suggest you do the same.

Posted by eric at March 29, 2011 11:16 AM