By: Russell Rigs, NAR
On July 24, 2019,The Department of Homeland Security (DHS) issued a Final Rule to reform and modernize the EB-5 program.
This rule provides priority date retention to certain EB-5 investors, increases the required minimum investment amounts and reforms targeted employment area (TEA) designations.
NAR signed onto to a broader Coalition comment letter on May 17, 2019, expressing concern that some of these changes, especially the higher required minimum investment amounts, would make the program more difficult to use, thereby making less capital available for real estate development projects. We anticipate another opportunity will be available to sign onto a stakeholder letter to urge comprehensive Congressional reform of the program, in lieu of piecemeal regulatory changes, by EB-5’s September 30, 2019 expiration date.