Congress recently passed a short-term extension to keep the EB-5 Regional Center Program (commonly known as the EB-5 Program or the Immigration Investor Program) from expiring. The EB-5 program adds versatility to the financing options available to affordable housing, and can be used with certain Low Income Housing Tax Credits. The extension of this program allows the Senate and House more time to enhance EB-5 legislation.
Strengthened through bi-partisan support, several extension bills have been proposed this year. The proposed bills have sought to add a variety of legislation to the EB-5 Program:
- Make regional centers permanent in addition to program enhancements;
- Reauthorize regional centers for five years, and create oversight, security, and anti-fraud stipulations that increase transparency of the program (an overview of the Reauthorization Bill is available);
- Provide visas for foreign entrepreneurs who have obtained venture capital, seed financing, or operate existing business with proven growth.
The EB-5 Program has generated nearly $12 billion in foreign direct investments, and has created nearly 30,000 jobs per year since 2008. The Program has already stimulated affordable housing financing and development on a national level, and the Program is poised to grow.
Our Housing or EB-5 Groups would be happy to provide more information.