The EB-5 immigrant investor program administered by the USCIS is – for the second time this year – in need of congressional reauthorization in order to continue to operate. Over the past 5 years, CiF has used the EB-5 program to raise $220 million for job creating, catalytic investment projects in the Greater Cleveland area. However, if Congress does not renew the program on or before December 11, 2015, the EB-5 program will lapse and CiF will no longer be able to attract foreign investment capital to the area using EB-5.
In light of the rapidly approaching reauthorization deadline, the EB-5 industry trade group Invest in the USA (or IIUSA, of which CiF is a member) has crafted a series of proposed compromises for the EB-5 program. These compromises address the major areas of disagreement between various EB-5 stakeholders, in regards to the kinds of reforms that should be included along with congressional reauthorization of the EB-5 program.
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