EB-5 Program Reauthorized through December 9, 2016

On September 29, President Obama signed a Continuing Resolution that extends the authorization of the EB-5 Regional Center program through December 9, 2016 which takes effect immediately and does not change the program.  The Continuing Resolution was approved earlier by the U.S. Congress and was necessary in order to provide short-term federal spending legislation to prevent a government shutdown at the start of the new U.S. fiscal year on October 1.

It is very likely that Congress will not reconvene until after the federal elections to address a long-term extension of the EB-5 program and has proposed various reforms, including increasing the investment thresholds, restricting the use of targeted employment areas and increasing Regional Center compliance.

Over the last 10 years, the EB-5 Regional Center program has been credited with generating over $15 billion in foreign investment and creating in excess of 100,000 new jobs during that period.