Writing 12/20/16, We Can Preserve the Flow of EB-5 Funds While Cutting the Number of Visas, North suggests some plausible reforms (though he'd prefer to kill the program).
--auction the visas, with a $1 million floor, and stopping the auction when $2 billion is raised, thus maintaining the current flow, but with fewer investors/immigrants.
--put the funds, at $750,000 per investment, into infrastructure, rather than private projects.
--run the auction, and then put the money into "infrastructure projects, like roads, bridges, and maybe a big fence at the southern border."
Generally, however, public infrastructure should serve the public at large, not well-positioned real-estate developers. Indeed, North's generally reasonable suggestions are not like those floated 2/22/13 in U.S. News by Dartmouth business professor John Vogel, who wrote Why Is the U.S. Government Selling Green Cards? and concluded:
One of the oddities about the EB-5 program is that the U.S. government is giving out the green cards, but the entrepreneur who puts together the investment gets the money. This scheme seems inefficient and open to corruption. If our government really believes that it is a good idea to sell green cards, maybe we should drop the pretense that this is a job creation program. It might be more efficient to have the money go directly to the U.S. Treasury and reduce the deficit by billions of dollars a year. In fact, the U.S. government could auction off these green cards and perhaps raise even more money.