EB-5 Program Reauthorized
On September 26, the Senate cleared H.R. 4378 — a short-term continuing resolution (CR) that funds the government through November 21, 2019. The CR prevents a government shutdown which would have occurred on October 1, 2019; and, importantly, it also ensures that the EB-5 Regional Center Programs authorization is extended. This short-term extension is welcome news in advance of the EB-5 Programs pending sunset date of September 30.
New Bill Reforms EB-5 Program
On September 24, 2019, Senator Chuck Grassley (R-IA) and Senator Patrick Leahy (D-VT) introduced the EB-5 Reform and Integrity Act of 2019 to reauthorize and reform the EB-5 Regional Center Program that aims to prevent fraud and promote foreign capital investment and job creation in American communities. This legislation includes long-term reauthorization of the program and includes provisions that would reform the program by introducing oversight, anti-fraud, accountability and integrity measures that investors and regional centers would have to follow.
NAR supports reform of the EB-5 program to ensure that the funds are used effectively and is reviewing this legislation to ensure it comports with current policy.
More EB-5 Resources on CARW: HERE