Used to boost investment in the Brooklyn Navy Yard, the EB-5 visa has been called an "interesting and clever way to provide financing." The program offers permanent residency to foreigners investing between $500,000 and $1 million in American businesses and projects, and now that the last holdout is gone, Atlantic Yards developer Bruce Ratner is looking to use it to his advantage.
He's reportedly flying to China next month to try to raise $250 million for the $4.9 billion project, and if he succeeds it will be the one of the largest amounts raised for one project through the program. MaryAnne Gilmartin, an executive vice president of Forest City, says most of the money would go to financing a new LIRR rail yard and to possibly pay off land loans. What about using it to get kids off the damn mall?
