At the U.S. Conference of Mayors, Dallas Mayor Mike Rawlings urged Congress to reauthorize and expand the EB-5 Program. Although the Employment-Based Fifth Preference is set to expire September 2016, Rawlings co-sponsored a resolution requesting renewal and additional visa capacity.
According to the group of mayors, EB-5 has become a vital source of urban redevelopment funds. Mayors are working with private parties to use EB-5 foreign direct investment to finance job-creating projects and downtown revitalization. In Dallas, investments have been used to fund apartments, hotels, offices, and restaurants downtown and in the surrounding area due to the fact that Civitas EB-5 Capital raised 500 million dollars.
Rawlings said in an interview that this is the sort of development cities need. Because of programs like EB-5, our saliency on the global market today is much higher than it ever has been.