The most recent proposal on the table is Senator Grassley’s so-called Last and Final Offer which introduces new visa “set-asides”. This video breaks down the proposal that became quasi-public on October 11 of this year which introduces a new figure – $925,000 – and the concept of visa set-aside for Rural and Urban Distressed Projects.

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Current definition (which can be gleaned from the short hard of the one page proposal sheet) of Urban Distressed is an area that meets 2 out or the 3 criteria that defines New Market Tax Credit areas. The NMTC program has several sets of criteria, but the industry is assuming the staffers mean the NMTC criteria for “severe distress” as that criteria has been referenced in previous EB-5 draft legislation:

1) Poverty rate greater than 30 percent;
2) Median family income not exceeding 60 percent of statewide median;
3) Unemployment rates at least 1.5 times the national average.
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