By William Gresser
EB-5 New York State Regional Center
As many people already know, the EB-5 Regional Center program has been re-authorized through Sept. 30, 2016. This was a “clean” re-authorization, meaning there were no changes to the EB-5 program except to extend the program to Sept. 30, 2016.
In the run up to the Sept. 30, 2015, and then the Dec. 11, 2015, deadlines to reauthorize the program, many interested parties came close to crafting a workable legislative compromise. As a result, we and most others in the industry expected there would be a legislative compromise which included significant reform of the program and a long term reauthorization.
But in the end, there were simply too many issues left to resolve in the short time before Congress had to reauthorize the program.
While Congress’ re-authorization is welcome news, it is only a short term reauthorization. As a result, there will need to be a concerted effort by all supporters of the EB-5 program to extend the program as we approach the new deadline of Sept. 30, 2016. Everyone agrees that the EB-5 program needs a long term reauthorization, and many agree that reforms are required.
Because many interested groups came so close to a broad reform and reauthorization package, now is the time for the EB-5 industry and our supporters in Congress to capitalize on the positive momentum to work together well in advance of the Sept. 30, 2016 reauthorization deadline.