83rd U.S. Conference of Mayors in San Francisco Discuss EB-5 Immigration Investor Program

The United States Conference of Mayors conference hosted their 83rd Annual Meeting on June 19-22, 2015 in San Francisco, California. The EB-5 immigration investor program was included in the adopted resolutions of the organization as listed herein:

EB-5 IMMIGRANT INVESTOR PROGRAM
WHEREAS, EB-5 is the designation for the fifth employment-based preference immigrant visa category established by Congress in 1990; and

WHEREAS, Congress established the Immigrant Investor Pilot Program in 1992 to create Regional Centers which aid foreign investors, by directing and professionally managing their investments while concentrating pooled investments in defined distressed economic zones; and

WHEREAS, EB-5 allocates 10,000 visas annually to foreign investors and their families who invest at least $1 million (or $500,000 in a target employment area) which must generate at least 10 jobs; and

WHEREAS, EB-5 has become a vital source of urban redevelopment funds; and

WHEREAS, since 2008 over $8.6 billion has been invested in qualified American projects; and

WHEREAS, that investment has supported over 171,000 American jobs; and

WHEREAS, over 200 additional regional centers were approved in Fiscal Year 2014 alone; and

WHEREAS, currently there are over 13,000 pending applications for EB-5 related visas, representing $6.5 billion in potential direct investment and 130,000 jobs; and

WHEREAS, the EB-5 Program had record-breaking capital formation in FY2014 and Q1-2015 with $2.5+ billion and $826 million in foreign direct investment respectively; and

WHEREAS, in 2012 Congress passed legislation to reauthorize the Regional Center Program, with a unanimous vote in the Senate and a vote of 412-3 in the House; and

WHEREAS, mayors are working with private parties to use EB-5 foreign direct investment to finance job creating projects and downtown revitalization projects; and

WHEREAS, without Congressional action the EB-5 Program will sunset on September 30, 2015; and

NOW, THEREFORE, BE IT RESOLVED, that The United States Conference of Mayors urges Congress to include a robust EB-5 Program through legislation including additional visas, ensuring that any reform of the EB-5 Program maintains the ability to deliver job-creating capital to urban areas, permanent authorization of the Regional Center Program, and streamlined approvals for all applications.

Projected Cost: None

Mentions

• Greenberg Traurig, LLP
• Laura Reiff

States

• California