The Continuing Resolution (CR) signed by President Barack Obama today extends authorization of the EB-5 Regional Center Program through December 9. The funding measure, passed both House and Senate earlier this week, takes effect immediately.
“We are pleased that lawmakers extended the EB-5 Regional Center Program in the continuing resolution signed by President Obama today,” said IIUSA Executive Director Peter D. Joseph. “The extension provides EB-5 stakeholders more time to work for important reforms that improve rigorous vetting of both projects and investors, while allowing the program to continue transforming communities and providing quality American jobs.”
A minimum of $11 billion in community investment and over 220,000 American jobs would disappear if the EB-5 Program lapsed, causing immediate negative consequences to U.S. businesses and projects counting on EB-5 investment to create jobs.
The EB-5 Regional Center Program has facilitated billions of dollars in direct foreign investment into a diverse range of projects throughout the United States, generating over $15 billion from 2005-2015 and creating well over 100,000 new US jobs in that time.
EB-5 was created by Congress with broad bipartisan support to attract foreign investment and create American jobs. Investors who commit at least $500,000 or $1,000,000 in approved U.S. businesses are eligible for permanent residency once the U.S. government confirms that their investment created or sustained at least 10 American jobs within a two year period. EB-5 is unique to other immigration programs in that it creates jobs in America and allows the government to collect federal and state taxes from foreign investors worldwide income.
Founded in 2005, IIUSA is the national not-for-profit trade association for the EB-5 Regional Center industry with a mission of advocacy, education, industry development, and research. The organization represents more than 260 Regional Centers and 200 Associate members, collectively representing big and small projects, urban and rural economic development, and industry sectors ranging from real estate and manufacturing to energy and infrastructure. IIUSA’s members are engines of economic growth and job creation, accounting for a vast majority of capital flowing through the Program
Source: IIUSA
