EB-5 Regional Center Program Is Set to Be Reauthorized for 5 Years as Final Steps Take Place in the Legislative Process
At approximately 3:00 AM ET today (March 9th), the U.S. House of Representatives filed the omnibus spending bill (full text here) that will avoid a government shutdown, provide valuable resources to federal programming, and most importantly for our community, will reauthorize the EB-5 Regional Center Program (see DIVISION BB — EB–5 REFORM AND INTEGRITY ACT OF 2022 on the omnibus bill, page 2,609). This proven and productive economic development program is set to receive a five-year reauthorization and long-overdue integrity measures to increase the program’s transparency and protect good faith immigrant investors.
The U.S. House of Representatives is scheduled to vote today on the measure and the bill will also need to pass the U.S. Senate before reaching the President’s desk to be signed into law – something Capitol Hill insiders believe will happen before the current stop-gap spending measure times out this Friday (March 11th) at midnight.
When President Biden signs the Omnibus he will be putting the final touch on a long-term bipartisan effort to reform and reauthorize the EB-5 Regional Center Program led for years by Senator Leahy (D-VT) and Senator Grassley (R-IA). IIUSA is immeasurably grateful for these men, their staff, and their collective commitment to the program, its integrity, and its continued operation not only for the benefit of the U.S. economy but for the thousands of immigrant investors with the tenacity to invest in the U.S.
A full summary of the EB-5 legislation and its impacts on the industry will be available once its passage into law is complete.