EB-5 industry seeks reauthorization and measures to enhance program integrity
On November 19, 2015, 70 key stakeholders of the EB-5 industry, led by The Real Estate Roundtable, the U.S. Chamber of Commerce, and the EB-5 Investment Coalition, sent a letter urging House and Senate Leadership to reauthorize the EB-5 Regional Center program along with three other expiring immigration programs (R-1 visas for religious workers, the Conrad 30 waiver program for J-1 medical workers, and the E-Verify platform). The letter encouraged congressional leaders not to avoid the program’s lapse in the event consensus reform legislation could not be agreed upon by lawmakers prior to the program’s sunset date of December 11, 2015.
The letter not only expressed the signatories’ commitment to support an extension of the EB-5 program for one year, but stated the desire to continue to work to resolve many complex issues that remain unresolved. In the absence of consensus legislation on all outstanding policy issues, the letter further expressed support for the inclusion in an extension of broadly supported measures to enhance program integrity and provide U.S. Citizenship and Immigration Services (USCIS) with clear authority to provide even more rigorous oversight and accountability in the program. This letter was signed by a diverse group of industry stakeholders, including regional centers, law firms, hotels, and a variety of trade and industry associations.
- New York
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