One year extension will be attached to spending bill
In the past, the EB-5 Visa Program has been renewed in Congress with one year extensions. With a spending bill expected to be passed this week, Senator Chuck Grassley has failed to strike a deal with the Real Estate industry to include reforms of the program, according to TRD.
The Basics: The program allows foreign investors to obtain a U.S. green card in exchange for investing $500,000 into a job-creating development project.
What the bill would have done: It would have raised the minimum investment amount from $500,000 to over $925,000. Furthermore, it would have also required that a certain number of visas be set aside each year for projects located in specific geographies and sectors. Developers did not like these changes.
State of the Negotiations: Although the Senator slammed NYC developers on Twitter for nixing the deal, the Real Estate lobby is pushing for the status quo. We wouldn’t be surprised if a revised version ends up in the final bill. Stay tuned. (TRD)