Did Lawmakers Kill the EB-5 Financing Program by Mistake?
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A popular immigration program that helps finance senior housing projects was recently extended, but the means of the extension have been called into question—and one group even has filed a lawsuit asking for the program to be declared dead. Meanwhile, some experts on the program are trying to calm the fears of developers relying on it for financing.
The EB-5 Regional Center Program allows foreign citizens to qualify for a U.S. visa if they make a significant investment in a development project that creates jobs in targeted employment areas. It was extended as part of the continuing resolution—a temporary spending bill to keep the federal government funded and running. The bill was singed into law by President Obama on Sept. 29.
However, there is some debate whether the program could be extended through a continuing resolution, as specific legislation to fund it may be necessary.
Acting on behalf of Congressional members, the Congressional Research Service (CRS) conducted a legal analysis of whether the program was permitted through a continuing resolution, and the agency’s resulting letter still left some room for doubt. This ambiguity has allowed some to question the validity of the program, which was set to expire at the end of September.