It looks like the EB-5 visa program may be extended again, as the April 28 deadline approaches and Congress has yet to introduce reforms.
While Republicans and Democrats agree the program that exchanges permanent U.S. residency for a $500K minimum investment needs reworking, they have been unable to agree on new rules, National Real Estate Investor reports. Experts said a divergence between urban and rural interests are among the biggest hurdles in enacting EB-5 reform. Many of the largest U.S. developments rely on EB-5 funding, and while some lawmakers say the program is riddled with fraud and abuse, experts said it is unlikely Congress will allow it to expire.
