The Goodlatte bill, introduced on Sept. 9, outlined a revised definition of EB-5 targeted employment areas (TEAs). Under the proposal, TEAs would be restricted to single census tracts with certain qualifying characteristics, except for those in military bases or certain types of Rural area TEAs. As we did for last year’s proposed bills, we created a TEA flowchart to illustrate what the decision-making process for TEAs would look like under the Goodlatte bill.
To compare the added wrinkles from the Goodlatte bill to how TEAs are currently done, below is a flow chart reflective of the existing TEA regulations.
As in 2015, the EB-5 program has been extended to Dec. 9 and it is still unclear if, when, and what kind of new TEA regulations will be passed. We will be keeping a close eye on the TEA discussions and maneuverings that will be taking place over the next few months (and beyond).