Congress extended the EB-5 visa program on Wednesday night, allowing the program to run until December.
The program, which grants foreign investors green cards after they invest at least $500,000 in job-producing ventures, was set to expire on Friday at midnight. But industry experts told The Real Deal that the vote is no surprise, especially during an election year.
A number of major South Florida developments have secured and are in the midst of securing capital via EB-5, including SkyRise Miami, Panorama Tower, Paramount Miami Worldcenter,Metropica, the Highlands, One Thousand Museum and restaurant groups like Tap 42 and Meat Market.
Congress passed a continuing resolution, which included EB-5, to avoid a government shutdown before the end of the fiscal year. It was passed with no reforms, which many say it strongly needs. Congress kept the bill afloat in a similar situation last September at the end of the government’s fiscal year, and gave it two extensions before Wednesday’s vote.
President Barack Obama signed the bill containing the continuing resolution into law Thursday – just about 36 hours before the end of fiscal 2016.
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