WASHINGTON, DC – July 7, 2020 – Invest in the USA (IIUSA) is pleased to share that the Latino Hotel Association (LHA) joined the U.S. Hispanic Chamber of Commerce, the Latino Coalition, the American Hotel and Lodging Association, and IIUSA in advocating for reform and long-term reauthorization of the EB-5 Regional Center Program.
The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that create and save thousands of American jobs.
IIUSA Executive Director Aaron Grau stated, “a long-term reauthorization can generate more than $9B annually of non-U.S. taxpayer investment into our economy to create and save jobs, just when our economy needs it most.” Grau continued, “that’s why we are pleased and grateful to the Latino Hotel Association for joining our effort. LHA represents Latino hotel owners across the country hit particularly hard by the COVID-induced economic downturn. LHA’s meaningful voice and its shared message with IIUSA articulates how EB-5 investments can become a lifeline to so many in the travel industry.”
Unlike all other visas, federal statute requires that each EB-5 visa applicant make a significant up-front investment into a U.S. economic development project (either $900,000 or $1.8 million depending on where the project is located) AND create or retain at least 10 U.S. jobs; no jobs…no visa.
LHA’s President & CEO, Lynette Montoya noted, “the EB-5 visa may technically be an immigration program, but practically speaking it is an economic development program capable of leveraging billions of dollars for new hotel construction AND to help the existing hotel and travel industry. We need this program and this non-U.S. Treasury investments to stimulate our economy and save American jobs.”
For more information about the EB-5 Regional Center Program and IIUSA’s advocacy, please visit www.iiusa.org.
Show your Support Today for the Catalytic Impact of EB-5 Job Creation and Economic Development!
IIUSA is calling on all EB-5 stakeholders, economic development professionals, and businesses around the country to sign our public letter of support which already includes 325+ organizations!
The letter, addressed to members of Congress, highlights the economic benefits of EB-5 investment, including job creation and retention for U.S. workers and local economic development. These benefits are needed now more than ever.
Invest in the USA (IIUSA) is the national membership-based not-for-profit industry trade association for the EB-5 Regional Center Program. Our members account for a vast majority of capital formation and job creation in the U.S. resulting from the Program.
The Latino Hotel Association (LHA) is the only association dedicated to Latino hotel ownership, development and operations within the hospitality industry.