DreamLife fights for EB-5 reinstatement

FLAG2DreamLife, which gained the dubious honor of becoming the very first EB-5 project to be cancelled for “material misreprentations” in its original agreement with the state by the Agency for Commerce and Community Development, has asked to be able to meet with Lawrence Miller, the Secretary of Commerce, to review their formal response to the decision.

The head of the DreamLife consortium, Phil Mooney, said in a press release on Sunday that the memorandum of understanding that they have with the state gives them two weeks to respond to the news of the cancellation and says that they intend to “take that time to do so properly.”  “We have already started the process by submitting a detailed response which shows without a shadow of doubt that we were in full compliance with the Memorandum, that the concerns raised by ACCD were dealt with completely and in a manner that will allow our project to continue with the full confidence of ACCD,” he said.

Miller says that DreamLife’s response will be reviewed by his staff and that he will not comment and is reserving judgment on the issue, although he has no plans as yet to meet with any officials from DreamLife.

The federal EB-5 program means that foreign investors can receive a green card for both themselves and their loved ones on condition that they invest at least $500,000 in impoverished or rural areas of the US and has been very popular as a method of immigration for those who can afford it.