Saturday, April 21, 2018

Kushner Cos. Subpoenaed by Feds

The Kushner Cos. has been Subpoenaed by Federal Prosecutors for Information related to an Associated Press (AP) Report that the Company filed Dozens of False Documents about its Buildings in New York City.

The Real Estate Company issued a Statement saying it has "nothing to hide and is cooperating fully with all legitimate requests for information, including this subpoena."

The Statement Thursday acknowledged that the Federal Subpoena arrived last Month, a day after the AP reported the Kushner Cos. routinely filed False Paperwork with the City stating it had Zero Rent-Regulated Tenants in Buildings across the City when, in fact, it had Hundreds. The AP report covered a Three-year period when the Real Estate Company was run by Jared Kushner, President Trump's Son-in-Law who is now a Senior Adviser.

Tenant Advocates say such False Filings allow Landlords to avoid heightened City Oversight designed to keep Lower-Paying, Rent-Regulated Tenants from being Harassed during Construction and Pressured to Leave, freeing up Apartments for Higher-Paying Residents.

Kushner Cos. told the AP at the time of its report that the Company Outsources preparation of Construction Permit Applications and Fixes any Mistakes immediately.

Records show the Company did File some Amended Documents, often more than a year later.

The AP report, based on Work by Nonprofit Watchdog Housing Rights Initiative, has sparked an Inquiry by the New York State Attorney General's Office and a City Council Investigation.

The Wall Street Journal reported earlier Thursday that the U.S. Attorney's Office in Brooklyn had Subpoenaed Housing Paperwork from the Company.

The Brooklyn Attorney's Office also has reportedly Subpoenaed the Kushner Cos. over a Visa-for-Investment Program to raise Money from Chinese Investors for its Real Estate Projects.

EB-5 Immigrant Investor Program

U.S. Citizenship and Immigration Services (USCIS) administers the EB-5 Program. Under this Program: an Entrepreneur, their Spouse, and Unmarried Children under 21, are eligible to apply for a Green Card (Permanent Residence) if they:

- Make the necessary Investment, $1,000,000 or at least $500,000 in a Targeted Employment Area (High Employment or Rural Area) in a Commercial Enterprise in the United States.

- Plan to Create or Preserve 10 Permanent Full-Time jobs for Qualified U.S. Workers

This program is known as EB-5 for the Name of the Employment-based Fifth Preference Visa that Participants receive.

Congress created the EB-5 Program in 1990 to stimulate the U.S. Economy through Job Creation and Capital Investment by Foreign Investors. In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program. This sets aside EB-5 Visas for participants who Invest in Commercial Enterprises associated with Regional Centers approved by USCIS based on Proposals for Promoting Economic Growth.

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