EB-5 Industry Stakeholder Groups Submit Letter to Judiciary Committees in Joint Support of Reform and Reauthorization of EB-5 Program

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EB-5 Industry Stakeholder Groups Submit Letter to Judiciary Committees in Joint Support of Reform and Reauthorization of EB-5 Program

On Friday, May 17, EB-5 stakeholder groups sent an industry-consensus letter to the U.S. Senate and House Judiciary Committees in support of a uniform set of principles to strengthen and reform the EB-5 Regional Center Program before it expires on September 30, 2019. The stakeholder groups believe a comprehensive suite of long-overdue reforms are necessary to sustain EB-5 project capital so it can bring significant economic development and job creation to communities across the country.

Among other things, the letter highlights consensus industry recommendations on key points including integrity measures, targeted employment area definitions, investment amounts, set-asides, expedited processing, backlog relief, and derivatives.

The letter urges Congress to enact legislation inclusive of industry consensus reform concepts. The signatories shared vision for EB-5 modernization would achieve the vital goals of safeguarding our national security and deterring investor fraud while ensuring the foreign direct investment obtained through the EB-5 Program continues to drive economic growth and job creation in the U.S.

It is our hope that the EB-5 Regional Center Program will receive reauthorization for a sufficient period of time so the comprehensive reform package has enough time to take hold and generate a positive economic impact and we look forward to working with our c0-signers and members of Congress to achieve that goal.

Read the Full Letter

Signatories

American Hotel & Lodging Association

American Immigration Lawyers Association

American Resort Development Association

EB-5 Investment Coalition

Invest in the USA (IIUSA)

National Association of Home Builders

National Association of REALTORS

National Multifamily Housing Council

Real Estate Board of New York

Rural Alliance

The Real Estate Roundtable

U.S. Chamber of Commerce

 

May 17th, 2019|Categories: Alerts, Congress, Government Affairs|

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