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Committee hears explanation of $3 million transfer to cover EB-5 settlement payment
Summary
Officials told the House Appropriations Committee that $3 million will be transferred from the general fund into the state's liability self-insurance fund to cover a July 1, 2024 EB-5 settlement payment; a final $4 million payment scheduled for 2025 may be avoided if claimants receive green cards.
Douglas Farnham, the state's chief recovery officer, and Sarah Clark, Secretary of Administration, told the House Appropriations Committee on Jan. 31 that $3 million originally allocated to a housing-related grant program will be reverted to the general fund and transferred into the state liability self-insurance fund to cover part of the negotiated EB-5 settlement.
Farnham said the $3 million is a reversion from a VHFA-administered wrap/weatherization program that could not be expended because of…
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