Funding the Development of New Senior Living Facilities – The Immigration Connection

Senior housing construction and development are booming, mostly due to an aging baby boomer generation and increasing life-spans.  Senior housing developers seeking to fund their new projects are increasingly turning to a less-costly alternative to traditional loans — EB-5 financing.  The EB-5 program — administered by U.S. Citizenship and Immigration Services, a component of Department of Homeland Security, allows  for the grant of green cards to foreign citizens who invest at least $500,000 in a qualifying project that is likely to create 10 or more jobs in the United States. Green cards are also issued to the investor’s spouse and unmarried children under age 21.  Permanent residency is granted in two stages — a conditional residency period and, two years later, the grant of unconditional green card status as long as the investment has been sustained and treated as “at-risk,” and the required jobs have been created.

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