The EB-5 Regional Center Program has been extended through April 28, 2017, following the passage of a continuing resolution (CR) by Congress that narrowly avoided a government shutdown.
The CR provides continued funding for federal programs and services through April 28, 2017, and new funding for the House-passed "21st Century Cures Act of 2016," natural disaster relief, and infrastructure for clean water, among other initiatives. The EB-5 Program extension was approved without change, thus providing a short-term solution that follows a familiar pattern for the EB-5 Program. Over the past 18 months, anxiety has ensued on a number of occasions over proposed sweeping legislative changes or even expiry of the program, then a temporary fix results, extending the program for a matter of months (e.g., three months, followed by 12 months, and now four months). The EB-5 program provides a green card to foreign investors who invest a minimum of $1 million, or $500,000 in targeted employment areas, in job-creating companies and real estate projects.
News reports from Capitol Hill indicate that attempts were made among the House Judiciary Committee chair, ranking Judiciary Committee members, and leaders of the EB-5 industry in the week preceding the CR vote to devise comprehensive EB-5 Program reform to include within the CR. However, in the end, it appears this group lacked adequate time to achieve a final proposal to include.
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