Replicating the high drama of the September 29 continuing resolution, the EB-5 Regional Center Program is set for another short-term extension through April 28, 2017.
On December 6, 2016, Congress signaled that it would pass a new CR through a House-introduced Further Continuing and Security Assistance Appropriations Act. The Senate finally passed the CR with less than an hour to spare before what would have been a December 9 deadline. The CR will allow the government to remain operational at current funding levels into the 3rd quarter of the United States government’s fiscal year 2017. It will also reauthorize the RC program “as-is,” or without reform.
The short-term extension of the RC program is in fact almost twice the length of the previous extension, adding stability to EB-5 amidst the negative attention the new administration has garnered for strict policies against illegal immigration. “There’s a general consensus among stakeholders that the Trump administration will be supportive of EB-5,” states Julian Montero, a Miami-based corporate attorney.
Montero, also a regarded practitioner in the EB-5 industry, is optimistic of the CR and the new administration. “Based on recent proposals, I would anticipate that definitive legislation will enhance opportunities for the development of EB-5 infrastructure projects.”
The extension enables the industry and legislators to come to a long-awaited agreement under a new administration for a comprehensive, long-term reauthorization of the EB-5 Regional Center Program.