What's in store for the popular visa program?
The wildly popular EB-5 visa program – the vehicle that offers foreign investors a U.S. green card in exchange for an investment in the U.S. economy – is set to sunset Wednesday.
While stakeholders believe the program will be renewed, lawmakers have proposed a series of reforms designed to increase oversight and enforcement and maximize the amount of dollars invested here.
New York developers remain bullish on the program: Most recently, Macklowe Properties disclosed plans to raise $100 million in EB-5 funds for 1 Wall Street, a $1.5 billion condominium conversion in Lower Manhattan.
Senate Republicans introduced a short-term spending bill on Sept. 22 that would, among other things, extend the EB-5 program through Dec. 11.
Nationwide, there is a $13.2 billion pipeline of projects that received EB-5 funding, according to Mona Shah, an attorney who specializes in EB-5 matters. “If this program is not reauthorized, it doesn’t mean it ‘dies’ but obviously it’s not going to have the same impact,” she said.
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