IIUSA Negotiates an EB-5 Reauthorization with Senate Stakeholders that Protects Investors and Stabilizes the EB-5 Market

12.08.20 | Government Affairs, Membership, Press Release

WASHINGTON, DC – December 8, 2020 – Invest in the USA (IIUSA) announces its Board of Directors’ unanimous support for Senator Grassley and Senator Leahy’s bipartisan EB-5 Reform and Integrity Act of 2020 and especially the measures new and strengthened integrity measures.

The measures strong integrity provisions include protections for good faith investors, protections for lawful EB-5 Regional Centers from any bad actors seeking to defraud investors, and a five-year reauthorization to stabilize the industry and help facilitate job creation and economic development across the country. IIUSA would like to thank Congress for its continued commitment to ensuring an equitable and long-term future for the job creating EB-5 Program and our leaders, members and government affairs team for their tireless work in this process.

IIUSA is even more pleased to share the hundreds of non-EB-5 industry organizations and American cities that support the reauthorization and recognize the economic impact, job creation, and job retention that EB-5 investments bring.

The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies (as this video illustrates) with projects that create and save thousands of American jobs.

IIUSA President Robert Kraft stated, “A long-term reauthorization can generate more than $9B annually of job-creating investment into our economy, just when our economy needs it most – all at zero cost to the taxpayer.” Kraft continued:

“That’s why we are pleased to have the support of the broad spectrum within the EB-5 industry AND the even broader spectrum of those outside the industry who stand to benefit from this reauthorization. Mayors from around the country, including the U.S. Conference of Mayors, trade associations, chambers of commerce, travel organizations, health care organizations, and many others stand with IIUSA to support this reauthorization.”

Unlike all other visas, federal law requires that each EB-5 investor contribute either $900,000 or $1.8 million (depending on location) into a U.S. business AND create or retain at least 10 jobs for American workers. In other words: no jobs, no visa.

For more information about the EB-5 Regional Center Program, please visit www.iiusa.org.

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IIUSA is the national membership-based not-for-profit industry trade association for the EB-5 Regional Center Program. Our members account for a vast majority of EB-5 Program capital formation and job creation.

WHAT EB-5’S SUPPORTERS ARE SAYING

“The EB-5 visa may technically be an immigration program, but practically speaking it is an economic development program capable of leveraging billions of dollars for new hotel construction AND helping the existing hotel and travel industry. We need this program and these non-U.S. Treasury investments to stimulate our economy and save American jobs.”

Latino Hotel Association

President & CEO, Lynette Montoya

“The travel industry, and especially the hotel business, can and will bounce back from this COVID-19 economic crisis, but only with support; specifically the kind of non-traditional, but reliable support offered by the EB-5 Regional Center program. AAHOA is grateful for IIUSA’s work, and we encourage Congress to reform and reauthorize this important program.”

AAHOA

President & CEO, Cecil P. Staton

“Hotels were among the first affected by the COVID-19 pandemic, and unfortunately will be among the last to recover. The EB-5 investor program has proven time and again to be good for the American economy and good for the hotel industry. As we all search for ideas to support hotels and hotel jobs we should embrace the EB-5 Regional Center Program which will create a significant source of financial support needed for rehiring existing employees, and hiring of new employees. AHLA is grateful for IIUSA’s leadership on this issue, and we encourage Congress to reform and reauthorize this much-needed program.”

American Hotel & Lodging Association

Chip Rogers, President and CEO

“Health care facilities’ and especially senior living communities’ resources are stretched entirely too thin as a result of this pandemic. EB-5 investments are good for the American economy and its workers and now more than ever, those workers include front line health care and senior care workers. As the nation looks for untapped resources and proven ideas to support the workers and communities that protect our seniors, we must embrace the EB-5 Regional Center Program. Its unsung ability to create significant financial support for current and future senior living workers is critical. Argentum is proud to join IIUSA on this issue, and we encourage Congress to reform and reauthorize this much-needed program.”

Argentum

James Balda, President and CEO

“Immediately after the 2008 financial crisis, “EB-5 investors helped spark the economy, generating over $20 billion in non-U.S. taxpayer investments and creating more than 730,000 American jobs. We need that kind of spark again now more than ever.”

United States Hispanic Chamber of Commerce

Ramiro A. Cavazos , President & CEO

“The United States Conference of Mayors supports a strong EB-5 program. In the best of times, EB-5 investments create jobs and spur growth. Now that all our cities are struggling to overcome COVID-19’s economic realities, non-tax revenue like the billions facilitated by EB-5 investments is not just a “nice-to-have” resource, it’s critical. We are grateful to IIUSA for leading this effort and the Conference looks forward to working with IIUSA to assure EB-5’s future.”

U.S. Conference of Mayors

Tom Cochran, CEO & Executive Director

“We are very pleased to join the IIUSA in the advocacy. EB-5’s non-taxpayer investments catalyze economic development that may otherwise languish. That economic stimulus create a domino effect that saves jobs.”

The Latino Coalition

Hector Barrerto, Chairman

“We are eager to see new investments and create jobs for businesses in our area we represent. The Brazoria County Hispanic Chamber of Commerce is proud to join IIUSA and USHCC in this advocacy. EB-5’s non-taxpayer investments, catalyze economic development and Never before, has it been more important than it is right now.”

Brazoria County (Texas) Hispanic Chamber

Gina Aguirre Adams, President

MEET OUR NATIONAL SUPPORTERS

IIUSA Letter of Support

44 Mayors across 19 state

Mayor Bill D. McLeod, Village of Hoffman Estates, IL

Lindsey P. Horvath, Mayor, City of West Hollywood, CA

Mayor Anthony F. DeFillipo, City of North Miami Beach, FL

Mayor Becky Ames, City of Beaumont, TX

Mayor Brent Latham, City of North Bay Village, FL

Mayor Bridget Donnell Newton, City of Rockville, MD

Mayor Carol Dutra-Vernaci, City of Union City, CA

Mayor Cassie Franklin, City of Everett, WA

Mayor David J. Berger, City of Lima, OH

Mayor Gary R. McCarthy, City of Schenectady, NY

Mayor Glenn A. Johnson, City of Pullman, WA

Mayor Greg Fischer, City of Louisville, KY

Mayor James Brainard, City of Carmel, IN

Mayor Jason Ashmore, City of Sesser, IL

Mayor Jason Cole, City of La Vergne, TN

Mayor Jeff M. Gahan, City of New Albany, IN

Mayor Jeffrey Z. Slavin, City of Somerset, MD

Mayor Joe A. Smith, City of North Little Rock, AR

Mayor John M. Skillman, City of Carpentersville, IL

Mayor Joseph U. Meyer, City of Covington, KY

Mayor Kate Snyder, City of Portland, ME

Mayor Kathy M. Sheehan, City of Albany, NY

Mayor Kenneth D. Miyagishima, City of Las Cruces, NM

Mayor Marcia A. Leclerc, Town of East Hartford, CT

Mayor Marcus Muhammad, City of Benton Harbor, MI

Mayor Matthew Shorraw, City of Monessen, PA

Mayor Michael J. Venezia, Township of Bloomfield, NJ

Mayor Patrick J. Furey, City of Torrance, CA

Mayor Richard D. O’Brien, City of Riverbank, CA

Mayor Riley H. Rogers, Village of Dolton, IL

Mayor Robert Restaino, City of Niagara Falls, NY

Mayor Rodney S. Craig, Village of Hanover Park, IL

Mayor Serge Dedina, City of Imperial Beach, CA

Mayor Shari Cantor, Town of West Hartford, CT

Mayor Steve Ly, City of Elk Grove, CA

Mayor Steven B. Grant, City of Boynton Beach, FL

Mayor Thomas ‘Tom’ Barrett, City of Milwaukee, WI

Mayor Thurman Bill Bartie, City of Port Arthur, TX

Mayor Timothy C. McDonough, City of Hope, NJ

Mayor Victoria Woodards, City of Tacoma, WA

Mayor William May, City of Frankfort, KY

Mayor William Peduto, City of Pittsburgh, PA

President Debby Sosine, Village of Algonquin, IL

President Vernard L. Alsberry Jr., Village of Hazel Crest, IL

10 national nonprofit organization

American Hotel & Lodging Association

Argentum

Asian American Hotel Owners Association (AAHOA)

CDFA | Council of Development Finance Agencies

Latino Hotel Association

National Association of REALTORS

The Latino Coalition

The National Puerto Rican Chamber of Commerce

The United States Conference of Mayors

United States Hispanic Chamber of Commerce (USHCC)

25 local economic development organizations and chambers of commerce across 18 states

Arizona Commerce Authority

Arkansas Hospitality Association

Brazoria County Hispanic Chamber of Commerce

City of Seattle Office of Economic Development

Dallas Regional Chamber

Economic Alliance of Snohomish County

Fulton Economic Development Corporation

Georgia Hotel & Lodging Association

Greater Cleveland Partnership

Greater Seattle Partners

Hospitality Minnesota

Illinois Hispanic Chamber of Commerce

Las Vegas Latin Chamber of Commerce

Longview Chamber of Commerce

Maryland Hotel Lodging Association

Metropolitan Milwaukee Association of Commerce (MMAC)

Monroe County Business Development Corp

Murrieta/Wildomar Chamber of Commerce

Northern Virginia Hispanic Chamber of Commerce

PIDC | Philadelphia Industrial Development Corporation

Pleasanton Chamber of Commerce

Port of Bellingham

Puerto Rican and Hispanic Chamber of Commerce Jacksonville, FL

San Gabriel Valley Economic Partnership

Virginia Restaurant, Lodging & Travel Association

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… and 347 industry partners and members of the EB-5 community.

IIUSA Negotiates an EB-5 Reauthorization with Senate Stakeholders that Protects Investors and Stabilizes the EB-5 Market

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