IIUSA Signs with EB-5 Industry Stakeholders in Joint Letter to Congress
Association at forefront of consensus building with other industry leaders
Washington, DC – Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”) joined with other industry stakeholder groups to send a joint letter to Congress on July 5, 2016. IIUSA and the other signatories [the U.S. Chamber of Commerce, EB-5 Investment Coalition, Real Estate Roundtable and the American Immigration Lawyers Association (AILA)] sent a letter to the House and Senate Judiciary Committee leaders and members expressing support for extending the Program and recommending reforms to enhance program integrity and effectiveness as an economic development tool.
“This is a significant milestone for the industry,” said IIUSA Executive Director Peter D. Joseph. “It demonstrates to Congress that various stakeholders with a broad range of interests and priorities were able to reach consensus on the pressing issues of the Program. The letter sends a signal to Congress that the EB-5 Regional Center industry is serious about reform and ready and willing to work constructively with Congress to make reform and reauthorization a reality before the September 30 sunset date.”
The letter highlights support for:
- Integrity measures
- Targeted Employment Area (“TEA”)
- Policy & Investment Level Difference
- Visa Capacity & Backlog Reduction
- Grandfathering/Transition Period
- Extension of the Regional Center program
For more information on the letter and the industry consensus position on these issues, visit IIUSA’s website.
Under EB-5, a program created by Congress with broad bipartisan support, foreign nationals who invest at least $500,000 or $1,000,000 in approved U.S. businesses are eligible for permanent residency if the U.S. government confirms that their investment created or sustained at least 10 American jobs within two years of the investment.
Since 2008, EB-5 has generated over $13 billion in foreign direct investment (FDI), creating tens of thousands of American jobs each year. In 2015 alone, EB-5 investment supported $4.3 Billion in FDI.
IIUSA looks forward to continuing this important work with other industry stakeholders and Congress to achieve reauthorization of the Program ahead of the sunset date. to ensure EB-5 investment endures as a modern economic development tool that uses globalization to solve the need for flexible and affordable financing for regional economic development projects throughout the country.
Founded in 2005, IIUSA is the national not-for-profit trade association for the EB-5 Regional Center industry with a mission of advocacy, education, industry development, and research. The organization represents more than 275 Regional Centers and 200 Associate members, collectively representing big and small projects, urban and rural economic development, and industry sectors ranging from real estate and manufacturing to energy and infrastructure. IIUSA’s members are engines of economic growth and job creation, accounting for a vast majority of capital flowing through the Program. Learn more at IIUSA.org.