New state facility designed to attract foreign investors

Approval from the federal government came this week for Michigan to host a facility aimed at attracting foreign investors to create new jobs and live in the U.S.

According to The Associated Press, the center comes under the Immigrant Investor Program, known as EB-5. Congress created it in 1990 to stimulate the economy through immigration by investors.

Gov. Rick Snyder, who requested the facility be sited in the state of Michigan, said that U.S. Customs and Immigration Services has given expedited approval to creation of an EB-5 Regional Center in Michigan. He says it will be part of the Michigan Community Development Corp. and staffed with Michigan State Housing Development Authority personnel, the AP reported.

Vermont has the only other such center.

The AP stated the center will help “connect eligible foreign investors with potential development projects.”

At a minimum, the concept here is sound, as long as costs are controlled and results achieved.