Stopgap bill keeps green card program alive, but changes loom
The EB-5 visa program, a vehicle for foreign investment in major New York City real estate developments, received a last-minute reprieve on Wednesday, after the U.S. Senate passed a temporary spending bill that will keep the government — and the program — operating through Dec. 11.
EB-5 was set to expire Sept. 30 but a stopgap bill introduced last week will keep it afloat for the next few months. The White House and House of Representatives are expected to approve the legislation.
Outright renewal of EB-5 – a program that has been utilized for projects ranging from Hudson Yards to the New York Wheel – will be delayed until the end of the year or early 2016.
Meanwhile, changes are looming for the program, which grants green cards to investors in exchange for an investment of $500,000 in areas with high unemployment and $1 million in other areas. Stakeholders believe the investment amount could go up to between $800,000 and $1.2 million. Other regulatory changes are also being debated.