The National Association of Counties (NACo) hosted its 80th Annual Meeting where it discussed various proposed policy resolutions and platform changes. One such resolution was one supporting the EB-5 resolution to make the EB-5 program permanent. The steering committee unanimously voted in support of the EB-5 resolution, and the Board of Directors formally adopted the resolution at their meeting July 13, 2015.
The EB-5 policy resolution supports federal legislation to permanently authorize the EB-5 Regional Center Program. It specifically states that NACo “promotes EB-5 as an important tool for economic development, public private partnerships, job creation and infrastructure development.” The EB-5 policy resolution also supports EB-5 education at NACo events to educate counties on how they can utilize the EB-5 program for its benefits.
The EB-5 policy resolution also confirms the positive fiscal, urban, and rural impact of the EB-5 program, citing from a 2013 peer-review study that the EB-5 program showed a “$2.58 billion contribution to GDP, supported over 30,000 American jobs, and generated $381 million in federal and $200 million in state/local tax revenue.” The study also found that the industries benefitting most from the EB-5 program are diverse in nature, including construction, food service, wholesale trade, real estate, financial services, legal services, architecture/engineering, and healthcare.