On November 15, 2016, the following EB5 stakeholder groups wrote a letter to the United States Congress urging reauthorization of the EB5 program in advance of its December 9, 2016 expiration date:
- American Immigration Lawyers Association (AILA);
- U.S. Chamber of Commerce;
- EB-5 Investment Coalition;
- Invest in the USA; and
- The Real Estate Roundtable
You may see the full letter here [PDF version].
The EB5 program had been facing expiration on September 30, 2016 [see article]. President Obama signed a bill that extended the EB5 program until December 9, 2016 [see blog]. The letter presents strong arguments for the reauthorization of the EB5 program as well as the willingness of the stakeholders to work with concerned members of Congress to “increase oversight and prevent fraudulent activity.” The letter also touches on other key issues up for debate such as Targeted Employment Area (TEA) definitions and the minimum investment requirements.
I join the stakeholders in the letter in calling for the reauthorization of the EB5 immigrant investor program. While certain reforms would be welcome, it is important that the program is not allowed to lapse. It is also crucial for Congress to extend the Special Immigrant Religious Workers Program and the Conrad 30 Waiver Program [see blog] in advance of their December 9 expiration dates.
We will be sure to update the site with news relating to the status of these three programs. To learn about the EB5 program and other options for investment immigration, please see our website's section for Investment Immigration [see category].