Feds approve Mount Snow plan to open EB-5 center

A Vermont ski resort operator has received federal approval to open a privately managed investment center that will help it get funding from non-Americans seeking U.S. residency.

Vermont Public Radio reports that Peak Resorts announced its plans to open the Great North Regional EB-5 Center on Thursday. The center will handle investments made under a federal program that offers residency to foreign investors who put money into job-creating economic development projects.

A statewide center handling EB-5 investments is at risk of being shut down for its connection to allegations of massive fraud at Jay Peak Resort.

Peak Resorts owns Mount Snow, which recently completed a $30 million snowmaking project using EB-5 money.