Congress Must Renew this Key Economic Development Tool

IIUSA Executive Director Aaron Grau’s recent op-ed in Albany Times Union notes the critical importance of the EB-5 Regional Center Program to the U.S. as a whole and New York state in particular. 

Mr. Grau stated “The EB-5 Regional Program needs change, including increased integrity measures to help protect against the fraud and abuse brought on by one too many bad apples. It needs provisions to protect good-faith investors who, through no fault of their own, may find themselves in a terminated project. And the program needs stability — the kind of stability that only comes from a long-term, five-year reauthorization.” 

The story continues below: 

Originally publised in the Albany Times Union

 

Since 2008, the EB-5 Regional Center Program has brought more than $6.5 billion in investment to New York and created more than 205,000 jobs. The program has provided more than $41 billion in capital investment from across the globe to fund various economic development projects and support American businesses since its inception in 1990 — at no cost to the taxpayer. This capital deployment and resulting projects created at least 820,000 job opportunities for U.S. workers, vital contributions especially following the 2008 recession.

 

But this job-creating success story will expire on June 30 unless Congress reauthorizes it.

 

The EB-5 Program is a gateway for qualified foreign investors who must meet specific capital and job-creation requirements to obtain permanent U.S. residency. In 1992, Congress created the Regional Center Program allowing designated “regional centers” to pool these investments and leverage them with other capital to create jobs through myriad successful economic development initiatives…Continue Reading

 

 

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