EB-5 program extended through September

The extension was passed as part of the federal spending bill on Friday.

TRD WEEKEND EDITION /
Mar.March 24, 2018 04:15 PM

(Credit: U. S. Air Force photo/Staff Sgt. Eboni Reams, Pixabay)

The EB-5 visa program is sticking around, though there is a mixed reaction about the circumstances.

The program, which allows foreign investors to obtain a green card if they put $500,000 into job-creating projects, will remain in place until September 30, thanks to its inclusion in the spending bill Congress passed yesterday as Mansion Global reports.

Known to some as the “crack cocaine of real estate financing,” the program was almost extended for five years, until the proposed legislation was scuttled earlier this week in what some call a victory, while others expressed disappointment.

Some within the industry were hoping for permanence such as Justin Gardinier, founder and CEO of TigerBridge Capital (formerly JSG Capital).

“Getting six years of certainty on the program — and adjusting to a new reality — ultimately, I think, would have been better for the industry as a whole,” he told The Real Deal.

Other industry leaders such as Nick Mastroianni II, the CEO and chairman of the U.S. Immigration Fund, breathed a sigh of relief.

In a statement, he said “we are grateful that the leaders of Congress did not let a small group of legislators, who did not share their proposed changes to their fellow members or the public until the very end, ram through a bill that would have mortally wounded or destroyed the EB-5 program.” A framework of the legislation did circulate, however, and several industry leaders weighed in favorably when the TRD spoke with them in late January.

Sen. Chuck Grassley, who backed the legislation, went on a Twitter tirade a week ago when he learned the proposal was off the table, as The Real Deal reported, blaming the “moneyed interests” of “Manhattan real estate moguls” for the failure.

Grassley’s proposed law would have extended the visa program through to 2023, allocated 1,450 visas for projects located in rural areas and raised the minimum investment to $925,000. [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

Ceruzzi Properties secures $350M to refi Midtown East tower

Denizen Bushwick at 54 Noll Street (Credit: iStock, Google Maps)

All Year closing in on $675M refi for Rheingold Brewery development

The Eddington House cafe in Shanghai

“We’re the elite”: What backlogged Chinese EB-5 investors are planning next

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

arrow_forward_ios
Loading...