EB-5 Regional Center program extended until December 9, 2016 by Continuing Resolution
Déjà vu all over again?
Last Thursday, President Obama signed the Continuing Resolution, or CR, passed by Congress for the principal purpose of avoiding the shutdown of the Federal government by continuing to fund government operations and most of its agencies at 1916 levels through December 9, 2016. It is hoped that at that time, Congress and the President will be able to agree upon the budget for the entire fiscal year ending September 30, 2017.
As last year, the Continuing Resolution is a temporary solution, continuing funding only through December 9, 2016. A host of various programs are included in the Continuing Resolution, including the EB-5 Regional Center program, and most other Federal programs and agencies, plus a few additional items such as relief for Flint Michigan.
What does this mean for EB-5?
The Continuing Resolution keeps the EB-5 Regional Center program running until Congress can reconvene after the elections and devote itself to sorting through all the budget issues, as it did last year at about this time.
While there continues to be wide-spread support for EB-5 in Congress, there are now a few Senators and Congressman that would like to greatly restrict the program or eliminate it altogether. It is therefore quite important that all stakeholders contact their representatives and express their feelings on the importance of this valuable program and prevent it from becoming a political football.
Subscribe for News
Join Professionals on EB5Projects.com →
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.