EB-5 Integrity Act of 2016

[AI summary unavailable — showing source text] EB-5 Integrity Act of 2016 This bill amends the Immigration and Nationality Act to revise the EB-5 (alien investor) regional center program. A regional center shall operate within a defined geographic area, and shall be consistent with the purpose of concentrating pooled investment within such area. The bill prescribes job creation requirements. Alien investor capital may not be used to purchase municipal or any other publicly-available bonds. Approved regional centers must give advance notice to the Department of Homeland Security (DHS) of significant proposed changes to their organizational structure, ownership, or administration, which must then be approved by DHS. A commercial enterprise associated with a regional center shall file an application with, and obtain approval from, DHS for each investment offering to aliens seeking alien investor classification. Approval of a business plan shall be binding on future adjudication except in cases of fraud, criminal misuse, public or national security, or major errors of law or fact. The bill expands regional center annual statement reporting requirements. The bill also prohibits regional center involvement for persons who have commit…