Did you know?
On April 28, 2017, Congress passed a continuing resolution to extend federal funding of all aspects of government until May 5th. Part of this decision means that deliberation on the future of the EB-5 program, which was set to occur by April 28th, is now extended another week. While this might help some latecomers wrap up their I-526 applications and file on time, it certainly does not provide enough time to encourage others who have been waiting on the sidelines to start the process for a new application. Those wishing to start a new application are anxiously waiting to learn the next steps that Congress will take.
The choices seem to be:
- Extend the waiting period for another few weeks while Congress sorts out other aspects of the bill in order to avoid government shutdown. In addition to the fate of EB-5, which is actually a very small part of this bill, the fate of prohibition on funds to sanctuary cities, healthcare, border security, defense spending, and increased spending for overseas famine relief are all at stake.
- Postpone the decision until September of this year when the Congress comes back from summer vacation.
- As part of reforming the current law, increase the minimum investment amount to fund projects in rural or high unemployment areas to $ 800,000 or even in the most extreme case to $ 1.35 million. In this scenario, the minimum required investment amount for developments in low- to average-unemployment areas would jump to $1.8 million from the current $1 million.
Posted by americaeb5visa on April 30, 2017
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