WASHINGTON, DC – July 13, 2020 – Invest in the USA (IIUSA) is pleased to share that the American Hotel & Lodging Association (AHLA) joined IIUSA in advocating for reform and long-term reauthorization of the EB-5 Regional Center Program.
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 with projects that create and save thousands of American jobs.
IIUSA Executive Director Aaron Grau stated, “A long-term reauthorization can generate more than $9B annually of non-U.S. taxpayer investment into our economy to create and save jobs, just when our economy needs it most.” Grau continued, “That’s why we are pleased and grateful to the American Hotel & Lodging Association for joining our effort. AHLA represents so many businesses, large and small, hit particularly hard by the COVID-induced economic downturn. IIUSA hopes AHLA’s voice and its recognition of how EB-5 investments can become a lifeline to so many in the travel industry will resonate with Congressional leaders to help finally create a meaningful and long-term program reauthorization.”
Unlike all other visas, federal statute requires that each EB-5 visa applicant make a significant upfront investment into a U.S. economic development project (either $900,000 or $1.8 million depending on where the project is located) AND create or retain at least 10 U.S. jobs; no jobs…no visa.
“Hotels were among the first affected by the COVID-19 pandemic, and unfortunately will be among the last to recover,” said Chip Rogers, president and CEO of AHLA. “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.”
For more information about the EB-5 Regional Center Program and IIUSA’s advocacy, visit www.iiusa.org.
IIUSA is the national membership-based not-for-profit trade association for the EB-5 Regional Center Program. Our members account for a vast majority of capital formation and job creation resulting from EB-5 investments
The AHLA is the singular voice representing every segment of the hotel industry including major chains,
independent hotels, management companies, REIT’s, bed and breakfasts, industry partners and more.