HR 1746 – If you’re An International Buyer Looking to Purchase in a College Town
This might be the program for you if if you’re a wealthy foreigner who needs a Visa, if you buy a house (in Charlottesville) “worth” at least $500k, you can get a Visa.
1: Anything to stimulate investment in the US could be construed as a good thing.
2: Per usual Congress doesn’t understand reality; there is a distinct difference between appraisals and assessments.
3: The want Canadians to visit, too.
In order for the housing market to be allowed to find bottom and thus find its way to balance and recovery, the federal government needs to get out of the way. Let the market work. Stop trying to “fix it.” You can’t. You’re neither competent nor disinterested enough to make intelligent, rational decisions with respect to the housing market (or anything, really).
But … If this bill gets passed, I will gladly represent buyers who choose to take advantage of what it has to offer.
I couldn’t find much about this bill online, but this is one perspective – Misguided Schumer-Lee Bill Offers Visas for Foreign-Born Homebuyers
Read the whole bill – HR 1746 – on OpenCongress.
(a) Nonimmigrant Status- Section 101(a)(15) of the Immigration and Nationality Act, as amended by section 5(a), is further amended by adding at the end the following:
‘(X) subject to section 214(t), an alien who, after the date of the enactment of the VISIT USA Act–
‘(i)(I) uses at least $500,000 in cash to purchase 1 or more residences in the United States, which each sold for more than 100 percent of the most recent appraised value of such residence, as determined by the property assessor in the city or county in which the residence is located;
‘(II) maintains ownership of residential property in the United States worth at least $500,000 during the entire period the alien remains in the United States as a nonimmigrant described in this subparagraph; and
‘(III) resides for more than 180 days per year in a residence in the United States that is worth at least $250,000; and
‘(ii) the alien spouse and children of the alien described in clause (i) if accompanying or following to join the alien.’.