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Immigrant investment program could live on for four more years

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Congressional debate is heating up on the EB-5 immigration program, which allows foreigners who invest in job-creating projects to get green cards. The YMCA of Greater Des Moines hopes to tap the program for an estimated $8 million to build a swimming pool at the Wellmark YMCA, and supporters of a convention center hotel in Des Moines are seeking $20 million for that project. In recent days, real estate industry executives received copies of draft legislation, a key piece of which expires on Dec 11. The draft — supported by Sens. Charles Grassley and Patrick Leahy, would tack another four years onto the program, which grants 10,000 visas a year to immigrant investors and their families, The Wall Street Journal reported.