President Trump’s budget deal with Congress includes extension of EB-5 through December 8, 2017
In a message to members of the Public Policy Committee today, the IIUSA confirmed the extension of the EB-5 regional center program as part of the budget deal struck yesterday by President Trump and Congressional leaders.
IIUSA message on EB-5 extension
The IIUSA is one of the leading EB-5 industry trade groups. Here is the text of the message from the IIUSA we received today:
Dear IIUSA Public Policy Committee,
As we are sure you’ve seen in media outlets, there is important news regarding government spending, and in turn, EB-5 reauthorization.
EB-5 Extension thru 12/8 Part of Congress/White House Spending Deal
Yesterday, Congress reached a deal with the White House that, once passed at some point this September, would extend existing funding levels and other program authorizations (such as EB-5) included on the last “continuing resolution” (“CR”) through 12/8/17.
The EB-5 authorization comes in Section 105 text of the deal released yesterday which:
Continues all authorities, requirements, and limitations from 2017 appropriations Acts through the date in section 106. Allows for valid obligations and expenditures during the period of the Continuing Resolution (CR).
Section 106 verifies the date:
Continues appropriations through December 8, 2017, or the enactment of the pertinent appropriations Act.
What does this mean for the future of EB-5?
We are very optimistic about this development and what it means for the future. Although we are not at liberty to disclose details, we believe that ongoing negotiations with senior members of Congress reflect the serious intention to work out a more permanent resolution of issues surrounding the EB- 5 program. It also appears that major stakeholders in the industry have overcome most of their past divisions and are more united than ever in support of a positive solution to industry issues.