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New York

Kicking the can on EB-5

Congress holds off on tightening rules for controversial visa program

EB-5-Visa

From the October issue: New York developers who rely on the widely popular EB-5 visa program to fund their projects are likely breathing a collective sigh of relief as October kicks off.

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Although a key provision of the federal program expired at the end of last month, Congress put on hold tough new standards that could make it more difficult to qualify for overseas capital through the program, which trades visas for investments that create jobs.

Federal lawmakers instead decided to kick the can down the road and revisit the legislation in the next few months, but keep the program intact in the meantime. [more]

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