The main part of the EB-5 immigrant investor program has been extended by the Congress until December 9, 2016.
EB-5 offers residency to wealthy foreigners if they invest in job-creating development projects, with a minimum of $1 million, or $500,000 in rural areas.
Since EB-5 was started, it’s funneled nearly $15 billion in mostly Chinese money into construction projects, including the $20 billion Hudson Yards development in Manhattan.
According to a report from the Brookings Institution, the program has created more than 85,000 jobs across the country and generated billions more in business.
Several high-profile fraud cases, however, have leds to call for reform, and outright abolishment of the program.
A Continuing Resolution signed by President Barack Obama last week extends authorization of the EB-5 Regional Center Program through December 9.
The national not-for-profit trade association for the EB-5 Regional Center, IIUSA said it was pleased with the stop-gap measure.
“The extension provides EB-5 stakeholders more time to work for important reforms that improve rigorous vetting of both projects and investors, while allowing the program to continue transforming communities and providing quality American jobs,”said IIUSA Executive Director Peter D. Joseph.
Joseph claimed a minimum of $11 billion in community investment and over 220,000 American jobs would disappear if the EB-5 Program lapses, causing immediate negative consequences to U.S. businesses and projects counting on EB-5 investment to create jobs.