EB-5 Extension Likely Until April; Plus, What’s It Cost to Create a Job?
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It looks like the main part of the EB-5 program, now scheduled to end on Friday (December 9) will get another short-term extension until April 28, 2017.
It appears that the extension will be, to use the D.C. term, “a clean one” — in other words, none of the badly needed reforms to the immigrant investor program will be included. The extension will be a small part of the continuing resolution that will fund the government until next April.
This is, of course, another victory for the status quo and will put the GOP Congress in the strange position of continuing a program that routinely lavishes a majority of the money raised from aliens on projects in the glitzier parts of New York City — hardly a GOP stronghold. Something like 56 percent of the funds goes to NYC, and the rest of the country gets the leftovers, as we have reported earlier.