A “clean extension” for EB-5
Early on Monday morning, May 1, 2017, the House Appropriations Committee approved a $1.1 trillion budget to fund the government through September 30, 2017. That proposed bill includes a “clean extension “(i.e. no amendments) to the EB-5 Regional Center program through the same period.
On May 3, the House passed the spending bill, and on May 4, the Senate gave its approval. The bill now goes to President Trump who is expected to sign the new budget into law.
If expectations are met, the government shut down will be avoided and the EB-5 Regional Center Program will continue without interruption.
What does this mean for EB-5 financing for developers?
Most importantly, passing the budget bill means that the EB-5 program will be continued without interruption or change in the near term. But we expect a lot to happen very soon.
Industry leaders view this extension of the program as the necessary threshold to achieve a long-term legislative solution to the issues that have been raised about the EB-5 program before any regulatory changes are implemented and before the next sunset date of September 30, 2017.
We expect all stakeholders in the EB-5 business to be pushing very hard toward this end.