The Mountain Times

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EB-5 investor visa bill passes enabling big economic investments in Vermont

(AP) Sen. Patrick Leahy is hailing legislation signed into law by President Barack Obama that is expected to be key to a series of big economic investments in northern Vermont.

Leahy has been a key backer of the EB-5 Immigrant Investor Regional Center program, and Obama on Friday signed a three-year extension of the program.

Leahy and other officials say it will enable foreign investors to bring some $500 million in capital to help expansions at the Jay Peak and Burke Mountain ski areas, new manufacturing and commercial development in downtown Newport and improvements to the state airport in Coventry.

Leahy says the program doesn't cost taxpayers anything, but promotes economic development by making it much easier for foreign investors to bring their money to Vermont.

A $500 million economic development project in the Northeast Kingdom was unveiled on Thursday, Sept. 27 promising 10,000 jobs in a region that badly needs an economic boost.