Where do we go from here? Any insights?
Now that Congress decided not to include the EB-5 program in the Continuing Resolution bill that passed on September 30th, where do we go from here? Any insights?
As you know, the program lapsed on June 30. On Tuesday, September 21, the House introduced and passed the H.R.5305, Extending Government Funding and Delivering Emergency Assistance Act, which provides for funding federal agencies through the earlier of December 3, 2021, or the enactment of the applicable appropriations act. As you mentioned in your question, Congress did not include the EB-5 Regional Center Program in the bill. It is encouraging to hear that the EB-5 industry is getting together under one voice with a compromise proposal on both required minimum investment amounts and the definition of targeted employment area. Once they sort out these two major issues, they can readily implement regional center supervision scrutiny and fraud prevention measures.
Although the parties are still negotiating how the final budget bill, including the EB-5 Program, Congress will pass, will look like, many EB-5 industry professionals believe that on or before December 3, 2021, they will approve it as is (or a similar version to it). The President will then sign it into law.
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