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And I have been honored to satisfy them and proud to welcome them. Chairman Leahy. As my last concern, in some of the testimony this morning there has been an idea that, of course, simply with all the hundreds of billions, trillions of dollars prepared to invest, you need to simply go someplace else.


Stenger. I would certainly inform you that in this climate the ability to raise resources for the important things we are doing would certainly have-- it is impossible to do so in a fashion that would certainly permit us as properly and as swiftly produce the things we have done. You can obtain money if you have obtained 50 percent down.


I could have obtained half of that if I had the $12 million in cash to place up. Everybody knows that, yes, financial institutions have money to funding as long as you have got fifty percent of it in your pocket before you request for the other fifty percent. That is not just how company functions these days.

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You are speaking from a real-world experience, not from a think container experience. I will leave that merely as a gratuitous comment from the Chairman. Legislator Grassley. Legislator Grassley. Thank you. I intend to be responsible in this problem of undocumented employees. I want to admit that we just have anecdotal info, yet I want to ask you to what degree you need to go or do go to make sure that the centers make certain that the investments do not develop jobs for people right here illegally.


Mr. Stenger. We have actually employed-- as I stated, at the Height we had 550 building employees on our job.


They are made up of 10, 15, 20, 30 employees. They are profiting directly from the investment. I recognize the workers, I understand their family members, and we have been able to utilize-- via these last 3 years of terrible financial chaos, we have been able to utilize practically every construction employee in our region and the surrounding areas.

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homeowners. They live in the location. Their households exist. They are invested in the areas, and they are all united state workers. Legislator Grassley. You do not need to use e-verify, but I would certainly like to understand whether you do. Mr. Stenger. We do. Senator Grassley. You do.


Thanks. Mr. North, along the exact same lines of the inquiry I asked him, has your research shown instances other-- and I just offered one example, so I intend to confess that and be accountable regarding it-- of centers hiring undocumented people? Mr. North. That sort of data is very hard to acquire from USCIS, and I have to say that what we do understand about a number of the inner points about that agency as much as this program is concerned connects to instances in which the team has actually stated no to an application of some kind and after that the local facility or the specific business owner has actually gone to the Administrative Appeals Office-- which belongs to the agency-- and there we obtain documents, we get a hearing officer telling us what is going on in that particular case.




This is a negative application." There is a quantity of bad applications out there, however just when that process obtains prior to an administrative legislation judge do we see a lot in the method of detail. Now, there was one case that you mentioned, and allow me just elaborate on that a little bit.

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Mr - EB5 Regional Center Program. North. The dairy ranch had actually claimed 17 workers, and they got right into it, and the judge discovered that 16 of them were illegals.


Okay. I am mosting likely to ask separate questions of each of the 3 of you, however it manages this set problem. As I stated in my opening statement, I am concerned about the potential technicality that permits capitalists to withdraw their financial investment in regional centers after obtaining their environment-friendly card.


Mr. Divine. I would certainly say that many of the investors, if you asked them what are their goals, they would say, "I desire to get a copyright, and I want to keep it.


If I place my cash in a resort advancement-- Legislator Grassley. Can I assume then that you are saying that there does not need to be any kind of adjustments made in that respect? Mr. Divine. I do not assume so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it typical for an investor in your experience to withdraw his/her financial investment immediately after getting an environment-friendly card? Mr.

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Legislator, no. Our programs need that the investor be invested for a minimum of 5 years click here and be paid back only if business remains in a position to do so at the end of that time. We have the benefit of the funding to produce the business, obtain it running, make it successful, ensure that the tasks will be created and preserved, and then only if the company is successful will certainly there be an exit method for the financier.