1118 
(whether on a conditional basis or otherwise) under 
section 203(b)(2)(A)(ii).’’. 
(b) CONFORMING AMENDMENT.—Section 216(e) (8 
U.S.C. 1186a(e)) is amended by inserting before the pe-
riod at the end the following: ‘‘, if the alien has had the 
conditional basis removed pursuant to this section’’. 
(c) CLERICAL AMENDMENT.—The table of contents 
is amended by striking the item relating to section 216A 
and inserting the following: 
‘‘Sec. 216A. Conditional permanent resident status for certain employment- 
based immigrants, spouses, and children.’’. 
SEC. 4806. EB–5 VISA REFORMS. 
(a) ALIENS NOT SUBJECT TO DIRECT NUMERICAL 
LIMITATION.—Section 201(b)(1) (8 U.S.C. 1151(b)(1)), 
as amended by sections 2103(c)(2), 2212(d)(2), 2307(b), 
and 2402, is further amended by adding at the end the 
following: 
‘‘(P) Aliens who are the spouse or a child of an 
alien admitted as an employment-based immigrant 
under section 203(b)(5).’’. 
(b) TECHNICAL AMENDMENT.—Section 203(b)(5), as 
amended by this Act, is further amended by striking ‘‘At-
torney General’’ each place it appears and inserting ‘‘Sec-
retary of Homeland Security’’. 
(c) TARGETED EMPLOYMENT AREAS.— 
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1119 
(1) IN
GENERAL.—Section 203(b)(5)(B) (8 
U.S.C. 1153(b)(5)(B)) is amended to read as fol-
lows: 
‘‘(B) SET-ASIDE FOR TARGETED EMPLOY-
MENT AREAS.— 
‘‘(i) IN
GENERAL.—Not fewer than 
5,000 of the visas made available under 
this paragraph in each fiscal year shall be 
reserved for qualified immigrants who in-
vest in a new commercial enterprise de-
scribed in subparagraph (A), which— 
‘‘(I) is investing such capital in a 
targeted employment area; and 
‘‘(II) will create employment in 
such targeted employment area. 
‘‘(ii) DURATION OF HIGH UNEMPLOY-
MENT
AND
POVERTY
AREA
DESIGNA-
TION.—A designation of a high unemploy-
ment or poverty area as a targeted employ-
ment area shall be valid for 5 years and 
may be renewed for additional 5-year peri-
ods if the area continues to meet the defi-
nition of a high unemployment or poverty 
area. An investor who has made the re-
quired amount of investment in such a tar-
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1120 
geted employment area during its period of 
designation shall not be required to in-
crease the amount of investment based 
upon expiration of the designation.’’. 
(d) ADJUSTMENT OF MINIMUM EB–5 INVESTMENT 
AMOUNT.—Section 
203(b)(5)(C)(i) 
(8 
U.S.C. 
1153(b)(5)(C)(i)) is amended— 
(1) by striking ‘‘The Attorney General’’ and in-
serting ‘‘The Secretary of Commerce’’; 
(2) by striking ‘‘Secretary of State’’ and insert-
ing ‘‘Secretary of Homeland Security’’; and 
(3) by adding at the end the following: ‘‘Unless 
adjusted by the Secretary of Commerce, the amount 
specified in this clause shall automatically adjust, on 
January 1, 2016, by the percentage change in the 
Consumer Price Index (CPI–U) during fiscal year 
2015, and on every fifth subsequent January 1 by 
the cumulative percentage change in the CPI–U dur-
ing the previous 5 fiscal years, for any petition filed 
to classify an alien under this paragraph on or after 
the date of each automatic adjustment.’’. 
(e) DEFINITIONS.— 
(1) IN GENERAL.—Section 203(b)(5) (8 U.S.C. 
1153(b)(5)), as amended by subsections (b) and (c) 
and section 4804, is further amended— 
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1121 
(A) by striking subparagraph (D) and in-
serting following: 
‘‘(D) CALCULATION
OF
FULL-TIME
EM-
PLOYMENT.—Job creation under this paragraph 
may consist of employment measured in full- 
time equivalents, such as intermittent or sea-
sonal employment opportunities and construc-
tion jobs. A full-time employment position is 
not a requirement for indirect job creation.’’; 
and 
(B) by adding at the end the following: 
‘‘(K) DEFINITIONS.—In this paragraph: 
‘‘(i) The term ‘capital’ means all real, 
personal, or mixed assets, whether tangible 
or intangible, owned or controlled by the 
investor, or held in trust for the benefit of 
the investor, to which the investor has un-
restricted access, which shall be valued at 
fair market value in United States dollars, 
in accordance with Generally Accepted Ac-
counting Principles, at the time it is in-
vested under this paragraph. 
‘‘(ii) The term ‘full-time employment’ 
means employment in a position that re-
quires at least 35 hours of service per 
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1122 
week, regardless of how many employees 
fill the position. 
‘‘(iii) The term ‘high unemployment 
and poverty area’ means— 
‘‘(I) an area consisting of a cen-
sus tract or contiguous census tracts 
that has an unemployment rate that 
is at least 150 percent of the national 
average unemployment rate and in-
cludes at least 1 census tract with 20 
percent of its residents living below 
the poverty level as determined by the 
Bureau of the Census; or 
‘‘(II) an area that is within the 
boundaries established for purposes of 
a Federal or State economic develop-
ment incentive program, including 
areas defined as Enterprise Zones, 
Renewal 
Communities, 
Promise 
Zones, and Empowerment Zones. 
‘‘(iv) The term ‘rural area’ means— 
‘‘(I) any area other than an area 
within a metropolitan statistical area 
or within the outer boundary of any 
city or town having a population of 
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