On Thursday, September 13, 2012, the U.S. House of Representatives passed S.3245, the three-year reauthorization of the EB-5 Immigrant Investor Program. The bill, introduced by Senator Patrick Leahy (D-VT), was passed by the Senate on August 2, 2012 and awaited this final approval to enact. The bill was passed with bipartisan support, and now rests on President Obama’s desk for signature.
As 2012 has already proven to be a record-breaking year for EB-5 immigrant investment applications and approvals, this extension of the program will undoubtedly be beneficial to immigrant investors seeking U.S. citizenship as well as the U.S. economy.
“Congress deserves a lot of credit for this one,” said Peter D. Joseph, IIUSA Executive Director. “Utilizing the macroeconomics of globalization, the EB_5 Regional Center Program offers an economic development tool to address weak local capital and labor markets in the U.S. “
He continues, “A government program that generates economic growth and thereby tax revenue – with administration costs covered by user fees – is public policy built for the 21st century. Literally tens of thousands of U.S. jobs are at stake in this three year reauthorization.”
After the Senate passed the bill, it sat dormant through the August recess. During that time, IIUSA delivered a letter with over 375 signatories from around the United States urging the HOR to pass S.3245 as the Senate previously did. The organization delivered a similar letter to the Senate, explaining the significance of such a bill, in July before their vote.
The original conspirators for the bill were Senator Patrick Leahy and Senator Charles Grassley (R-IA).
The EB-5 Immigrant Investor Program allows non-U.S. investors and their families the opportunity to live, work and retire in the United States through targeted, economically beneficial real estate developments. The program provides green cards to foreign investors and their families in exchange for investing $1 million or $500,0000 in an EB-5 Regional Center.
U.S. Immigration Fund is pleased with the news, as the extension of the EB-5 Immigrant Investor Program means projects in Florida, North Carolina and New York can continue to develop, and continue to create jobs.