EB-5 extended again — until after midterm elections

The visa program will now run through Dec. 7

National /
Sep.September 28, 2018 08:18 PM

(Illustration by Isabel Espanol)

The EB-5 program, which was set to expire at the end of this month, has been extended until the beginning of December.

The controversial visa program, which was due to reach the end of its six-month extension period on Sunday, Sept. 30,  has been reauthorized through Dec. 7.

President Trump signed the extension Friday at noon, as part of a spending package to avoid a federal government shutdown. The U.S. Immigration Fund, a regional center that has raised money for EB-5 projects, first announced news of the extension.

A favorite of New York developers as a means of raising cheap capital from overseas investors, the EB-5 program was salvaged in March when it was included in a federal omnibus bill. The program gives green cards to foreign investors in exchange for a $500,000 investment and has seen a series of short-term extensions.

“This time around, there are zero chances for a longer-term legislative solution,” said Daniel Lundy, an EB-5 lawyer at Klasko Immigration Law Partners. “Nobody’s working on it as far as we know. The stakeholders are still interested, but the usual suspects in Congress are not talking about it.”

The EB-5 program has also been controversial, with Sen. Chuck Grassley of Iowa one of the most outspoken critics. Developers and industry players have said the senator’s failed EB-5 Reform Act would have damaged the industry. It would have upped the minimum investment amount and set aside more than 1,000 visas for projects in rural areas.

“I suspect that sometime next year we might have regulations from USCIS that address the investment amounts, eligibility requirements,” Lundy said, “and some of the compliance and integrity measures that have been in previous drafts of the bill.”

Keith Larsen contributed to this report.


Related Articles

arrow_forward_ios
The effective rate was 1.1 percent, on average, in 2020, down from 1.14 percent in 2019. (iStock)
Homeowners’ property taxes grew twice as fast last year
Homeowners’ property taxes grew twice as fast last year
New York State Supreme Court judges Arthur Engoron, Verna Saunders and Katherine Levine (Illustration by Kevin Rebong for The Real Deal)
When big-time projects are stopped by small-time judges
When big-time projects are stopped by small-time judges
Carl Heastie, Andrew Cuomo and Andrea Stewart-Cousins. (Getty)
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
Carl Heastie, Andrea Stewart-Cousins and Andrew Cuomo. (Getty)
Lawmakers near deal on $2B in rent relief
Lawmakers near deal on $2B in rent relief
Gov. Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
NY lawmakers near deal to hike income tax for top earners
NY lawmakers near deal to hike income tax for top earners
Gov. Andrew Cuomo, Andrea Stewart-Cousins and Carl Heastie (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Landlords’ building emissions workaround is dead
Landlords’ building emissions workaround is dead
Allen Weisselberg and Manhattan District Attorney Cy Vance (Getty)
Feds subpoena Trump CFO’s personal bank records
Feds subpoena Trump CFO’s personal bank records
The Department of Justice’s Civil Rights Division settled a lawsuit with Village Realty of Staten Island and Denis Donovan. (Getty, iStock)
Feds settle housing discrimination lawsuit against firm, broker
Feds settle housing discrimination lawsuit against firm, broker
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...