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.
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
The Real Estate Roundtable
U.S. Chamber of Commerce