No Decision On EB-5 Until December
The EB-5 visa program, which has heavy support from CRE professionals, has been given an extension by Congress…again. The program would have expired on Sept. 30, but will now stand until December. It's the second year in a row that Congress has delayed action on the controversial program for foreigners wanting to invest in commercial real estate in exchange for a US visa. The continuing resolution—which included EB-5—passed by Congress prevented a government shutdown before the end of the fiscal year. EB-5 was passed with no reforms, which many lawmakers—including Sens. Chuck Grassley (R-IA) and Patrick Leahy (D-VT)—say it strongly needs.