Congress passed a FY2020 spending bill that extends the EB-5 Regional Center Program through September 30, 2020
IIUSA reported that yesterday, Congress passed a FY2020 spending bill that funds the federal government and extends the EB-5 Regional Center Program through September 30, 2020. Please note that the new regulations which became effective on November 21 this year are still valid with this new bill. In other words, the standard minimum investment level has increased from $1 million to $1.8 million for projects located in non-TEA jurisdictions. On the other hand, projects located in TEA jurisdictions will now necessitate a minimum investment amount of $ 900,000. The final rule also provides that the minimum investment amounts will automatically adjust for inflation every five years.
As of the effective date of the final rule, DHS has eliminated a state’s ability to designate certain geographic and political subdivisions as high-unemployment areas; instead, DHS now makes such designations directly based on revised requirements in the regulation limiting the composition of census tract-based TEAs.
The FY2020 bill reauthorizes e-Verify, the EB-5 Regional Center program through September 30, 2020. The President is expected to sign the bills.
For more information about EB-5, please do not hesitate to call us at + 1 917 355 9251 or write to us at email@example.com.
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