EB-5 visa program extended… until Dec. 21

The green card initiative, which would have expired Friday, is tied up in the federal spending bill

National /
Dec.December 07, 2018 02:00 PM

(Credit: iStock)

The federal EB-5 visa program received another extension as part of the larger federal spending bill, this time until Dec 21. EB-5 had been set to expire on Dec. 7.

Congress now has two weeks to decide whether to extend again or shut down the controversial green card initiative. The program gives foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a project and create at least 10 jobs.

The program has received a number of short-term extensions for the past three years, with Congress unable to agree on a permanent measure. Most recently, lawmakers extended the program on Sept. 28, with the Dec. 7 deadline. That was part of a larger spending bill to avoid a government shut down.

One expert said he did not see a change in the immediate future.

“I would call it business as usual, the program will remain alive, it will be extended again,” said Ronald Fieldstone, a partner in the Miami office of Saul Ewing Arnstein & Lehr.

EB-5 faces a number of pressing issues, including weakening demand from Chinese visa seekers — who comprise a large share of the applicants — due to long wait times. A number of notable fraud cases involving EB-5 projects have also surfaced.

One of the most high-profile EB-5 projects came to a halt in October in New York. Investors walked away from their plans to build a massive Ferris wheel in Staten Island, which attracted 412 EB-5 investors. It marked one of the largest EB-5 failures yet.


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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
Sen. Charles Schumers aid President-elect Joe Biden agreed to assist NYC. (Getty)

NYC loses $2.5B in property taxes, gets $1B from FEMA

NYC loses $2.5B in property taxes, gets $1B from FEMA
President-elect Joe Biden's relief plan focuses on the coronavirus and opening schools. (Getty)

Biden’s $1.9T package would extend eviction ban, boost rent relief

Biden’s $1.9T package would extend eviction ban, boost rent relief
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Eric Trump and Donald Trump Jr. with President Donald Trump (Getty)

These are the companies dumping the Trump Organization

These are the companies dumping the Trump Organization
arrow_forward_ios

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

Loading...