WHEREAS, The economic downturn has led to higher unemployment in California, and has limited access to credit and investment for California businesses; and

WHEREAS, Greater foreign investment in California would create jobs and improve the state’s economy; and

WHEREAS, Many foreign investors see California as a desirable place to invest and reside; and

WHEREAS, Congress created the EB-5 visa category in 1990 to attract foreign investment, making EB-5 status available to immigrants seeking to enter the United States in order to invest in a business or company that will benefit the economy; and

WHEREAS, The federal government’s quota of 10,000 EB-5 visas per year has rarely been met, indicating that the EB-5 visa may be an underutilized resource for foreign investment; and

WHEREAS, To be eligible for an EB-5 visa, an applicant must invest one million dollars ($1,000,000) in a project that will benefit the United States economy and create full-time employment for at least 10 qualified individuals; and

WHEREAS, If the investment in a new commercial enterprise is made in a rural area or one with high unemployment, that investment can be five hundred thousand dollars ($500,000); and

WHEREAS, Use of the EB-5 visa has increased during the economic downturn, and other states have implemented successful programs to attract foreign investment; and

WHEREAS, A Vermont ski resort was able to expand from seasonal winter recreation to being a year-round resort after raising nearly two hundred million dollars ($200,000,000) from South African, Swedish, Canadian, Mexican, and British investors; now, therefore, be it