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Are Developers Using Poor Neighborhoods to make Foreign Nationals Rich?

(photo credit: Curbed LA)

(photo credit: Curbed LA)

Unfortunately we can’t link you to the original story in the Los Angeles Business Journal (LABJ), but apparently they have uncovered a scam that involves developers lying about building in poor areas- like Leimert Park.

CurbedLA is reporting about a crafty scheme, uncovered by LABJ, in which developers use poor neighborhoods in the US to take money from rich foreign nationals, who get green cards in exchange.

Under the EB-5 program, foreign citizens can get a US visa just by investing $500,000 or more in a “targeted employment area” (a community that needs the jobs)

Read the full article by clicking here.


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