• Image

    2017 RE3 Conference

    Philadelphia, Nov 1, 2017, Marriot Downtown
    The must-attend event of 2017 focused on…
  • Image

    2017 National Brownfields Conference

    Pittsburgh, Dec 5, 2017, David L. Lawrence Convention Center
    Please join us for the premier brownfields…

Apr 26, 2017

Brownfield Foreign Investment In Peril

Growing foreign investment in U.S. brownfields redevelopment projects may drop dramatically with the end of a decades-old green card program.

Ending the program would be “devastating,” to foreign investment, Toby Rittner, president and CEO of the Council of Development Finance Agencies, told Bloomberg BNA.

“(EB-5) has infused billions into economic development at no financial cost to the federal government. Should the program expire, foreign investors will simply go elsewhere,” he said in an email. “In terms of brownfields, it simply removes another financial resource available to our industry, sadly.”

The program is set to expire at the end of April, unless Congress renews it, which could have a significant impact on the revitalization of U.S. brownfields.

Investors who buy brownfields to redevelop them, and generate jobs at those sites, may be eligible for green cards under the Immigrant Investor Program, also known as EB-5. The program was created in 1990 by an act of Congress.

Dan French, CEO and founder of Brownfield Listings, an online marketplace for real estate redevelopment, told Bloomberg BNA foreign investment in brownfields would increase if the EB-5 program was expanded.

Several senators and representatives—Sen. Chuck Grassley (R-Iowa), Sen. Dianne Feinstein (D-Calif.), Sen. Patrick Leahy (D-Vt.), Rep. Bob Goodlatte (R-Va.) and Rep. John Conyers (D-Mich.)—wrote a letter to Senate and House majority and minority leaders April 6 to oppose EB-5’s renewal.

The program is “riddled with fraud and raises national security concerns,” they wrote. The program’s purpose, directing investment to high unemployment and rural areas, has been forgotten, they wrote, and has become the subject of “rampant abuse.”

Article tags: Village of Four Seasons, zoning changes, zoning issue

A Mill(ion) Dollar Opportunity

The Bates of Maine Woolen Mill, a former industrial anchor in the city of Lewiston (pop.36, 500) in western Maine, has been transformed into a modern and bustling economic hub following years of city, state, federal, non-profit, private involvement and funding

Brownfield News  

Subscribe to Brownfield News

Industry and Association News delivered to your mailbox so you're in the know.
Your Name *
Company *
e-Mail *


More than 500 industry experts will come together November 1-3, 2017 in Philadelphia for the next important conference on remediation and redevelopment. It's the event you do not want to miss.

We would like to recognize and thank our Conference Sponsors for their generous support.

An industrial property in Southeast Michigan that was vital in the allied victory in World War II ...

The Canadian Brownfields Network (CBN) and Actual Media presented their annual Brownie Awards in Toronto, Canada, November 29, 2016 at a special Awards Gala. . ...

Even if some are saying "speculating about the Trump presidency is a fool's errand," in terms of where President-elect Trump will come out on redevelopment, we should know a little more soon ...

Henry Ford Health System (HFHS) was founded in 1915 by automotive pioneer Henry Ford.

After decades of decline, public and private sectors have made substantial progress in redeveloping Milwaukee's Menomonee Valley

The Renewal Awards selection process is supremely democratic, as any individual is eligible to submit an application.

Iowa City area housing leaders say one of the key obstacles standing between low-income families and an affordable…

The Fayetteville mayor and a city councilman chided city staff Monday night at a work session for not…

DuPont has agreed to pay a fine of $724,000 in settlement of Clean Air Act violations relating to…