Targeted Employment Areas Improvement Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Targeted Employment Areas 
Improvement Act''.

SEC. 2. TARGETED EMPLOYMENT AREAS.

    Section 203(b)(5)(B) (8 U.S.C. 1153(b)(5)(B)) is amended to read as 
follows:
                    ``(B) Set aside for targeted employment 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 invest in a new 
                        commercial enterprise described in subparagraph 
                        (A) that--
                                    ``(I) is investing such capital in 
                                a targeted employment area; and
                                    ``(II) will create employment in 
                                such targeted employment area.
                            ``(ii) Duration of targeted employment area 
                        designation.--
                                    ``(I) In general.--A designation of 
                                a high unemployment area as a targeted 
                                employment area--
                                            ``(aa) shall be valid for 5 
                                        years; and
                                            ``(bb) may be renewed for 
                                        additional 5-year periods if 
                                        the area continues to meet the 
                                        definition of high unemployment 
                                        area under clause (iii).
                                    ``(II) Effect of designation 
                                expiration.--An investor who makes the 
                                required investment under this 
                                paragraph in a targeted employment area 
                                shall not be required to increase the 
                                amount of such investment upon the 
                                expiration of such designation.
                            ``(iii) Definitions.--In this subparagraph:
                                    ``(I) High unemployment area.--The 
                                term `high unemployment area' means an 
                                area that--
                                            ``(aa) consists of a census 
                                        tract, or a group of census 
                                        tracts that are economically 
                                        integrated in light of commuter 
                                        flow patterns based on Federal 
                                        data sets, with an unemployment 
                                        rate that is at least 150 
                                        percent of the national average 
                                        unemployment rate; or
                                            ``(bb) is within the 
                                        boundaries established for 
                                        purposes of--

                                                    ``(AA) a Federal or 
                                                State economic 
                                                development incentive 
                                                program, including any 
                                                area designated by the 
                                                Federal Government or a 
                                                State as an enterprise 
                                                zone, a renewal 
                                                community, a promise 
                                                zone, or an empowerment 
                                                zone; or

                                                    ``(BB) any Federal 
                                                or State program 
                                                designed to create 
                                                jobs, start small 
                                                businesses, or 
                                                revitalize 
                                                neighborhoods.

                                    ``(II) Rural area.--The term `rural 
                                area' means--
                                            ``(aa) any area other than 
                                        an area within a metropolitan 
                                        statistical area unless it is a 
                                        town on the outer boundary of a 
                                        metropolitan statistical area 
                                        with a population of 20,000 or 
                                        fewer residents (based on the 
                                        most recent decennial census of 
                                        the United States);
                                            ``(bb) any city or town 
                                        having a population of fewer 
                                        than 20,000 residents (based on 
                                        the most recent decennial 
                                        census of the United States) 
                                        that is located within a State 
                                        having a population of fewer 
                                        than 1,500,000 residents (based 
                                        on such census); or
                                            ``(cc) any area located in 
                                        a census tract of a 
                                        metropolitan statistical area 
                                        if the census tract has a 
                                        population density of fewer 
                                        than 500 people per square mile 
                                        (based on such census).
                                    ``(III) Targeted employment area.--
                                The term `targeted employment area' 
                                means a rural area, any community 
                                adversely affected by a recommendation 
                                by the Defense Base Closure and 
                                Realignment Commission, or a high 
                                unemployment area.''.

Summary: Targeted Employment Areas Improvement Act This bill amends the Immigration and Nationality Act to increase the number of fiscal year EB-5 (employment creation) visas for qualified immigrants who invest in a new commercial enterprise which, in addition to creating jobs in a targeted employment area, will invest the required capital in such area. Designation of a high unemployment area as a targeted employment area shall be valid for renewable five-year periods.