A popular senior housing finance program that was previously under fire will live another day—but lawmakers continue to discuss dismantling or reforming it.
The EB-5 financing program has been extended exactly as is until September 30, 2016, but calls to reform the program with stricter regulations have remained. The provision to extend the program without major changes was approved within the federal funding Omnibus Bill by Congress on December 15. But in early February, the program was back up for debate.
The program, which has been around for 25 years and provided billions in real estate financing, enables foreign investors to invest in real estate developments that provide at least 10 permanent jobs in targeted employment areas (TEAs), in exchange for U.S. residency visas.