The federal government has approved an investor visa petition for the 1 Journal Square development by Kushner Companies, boosting EB-5 funding amid scrutiny over the project's past labor practices and connections to President Trump. This marks the first approval for EB-5 using a new investment model allowing smaller initial investments. Given uncertainties about the future of the EB-5 program and Trump's gold card proposal, the approval could be crucial for Kushner’s fundraising efforts for the nearly $1 billion residential project in Jersey City.
The approval of the investor visa petition for Kushner Companies marks a significant step forward for the delayed 1 Journal Square project in Jersey City.
Under the EB-5 program, applicants can receive green cards by investing in projects that create or preserve 10 full-time jobs; the new model lowers the upfront investment.
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