With the Program’s expiration date on June 30, 2021, support continues to grow to reauthorize the EB-5 Regional Center Program
WASHINGTON, DC – April 01, 2021 – The Coalition to Save & Create Jobs (CSCJ) is pleased to announce the American Hotel & Lodging Association (AHLA) joined its growing ranks to support the bipartisan federal legislation, S. 831, EB-5 Reform and Integrity Act of 2021, introduced on March 18 by Senator Chuck Grassley (R-Iowa) and Senator Patrick Leahy (D-Vt.), to reauthorize the EB-5 Regional Center Program. The Program’s current expiration date is June 30, 2021.
The EB-5 Regional Center Program was created to attract capital from foreign individuals who meet specific investment and job creation requirements. For years, EB-5 investments have filled funding gaps and provided vital capital for local economic development projects that create and support jobs, infrastructure, and businesses across the country.
“On behalf of CSCJ, Invest in the USA (IIUSA) and its leadership, we are pleased and grateful to the American Hotel & Lodging Association for joining our effort,” said Aaron Grau, Executive Director at IIUSA. Grau continued, “We’re hopeful that with our growing list of supporters across the country congressional leaders will bring the EB-5 Reform and Integrity Act of 2021 over the finish line before the June 30th deadline.”
Since its inception, the EB-5 Regional Center Program has drawn in more than $41 billion in capital investment from across the globe to support American businesses and created more than 820,000 job opportunities for U.S. workers.
“As a result of the pandemic, hotels are facing historically low occupancy, massive job loss, and record hotel closures,” said Chip Rogers, President and CEO of AHLA. He continued, “With travel not expected to return to pre-pandemic levels until at least 2023, it’s critical that Congress reauthorizes the EB-5 investor program, which has proven time and again to be good for the hotel industry and our economy. The EB-5 Regional Center Program will create certainty in the marketplace and provide a significant source of financial support for hotels and hotel jobs at a time when we need it most. We stand ready to work with the Coalition to Save and Create Jobs to advocate for the EB-5 Program.”
For more information on how you can support the Coalition to Save and Create Jobs, visit https://www.saveandcreatejobs.org/join.
About Coalition to Save and Create Jobs
CSCJ (Coalition to Save and Create Jobs) was established to promote economic recovery, development, and growth by assuring the good-government and long-term reauthorization of the EB-5 Regional Center Program through the bipartisan EB-5 Reform and Integrity Act, championed by U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-Vt). CSCJ consists of trade associations, chambers of commerce, municipalities and mayors’ offices, community banks, economic development organizations, health care facilities, and more. For more information, visit: https://www.saveandcreatejobs.org/.
About the American Hotel & Lodging Association
The American Hotel & Lodging Association (AHLA) is the sole national association representing all segments of the U.S. lodging industry. Headquartered in Washington, D.C., AHLA focuses on strategic advocacy, communications support, and workforce development programs to move the industry forward. In the wake of COVID-19 pandemic, hospitality was the first industry impacted, and it will be among the last to recover. That is why AHLA is committed to promoting safe travel while also creating a standardized safety experience nationwide through the Safe Stay initiative. With an enhanced set of health and safety protocols designed to provide a safe and clean environment for all hotel guests and employees, hotels across America are ready to welcome back travelers when they are ready to travel. Learn more at www.ahla.com.