EB-5 Program extension through December 9, 2016, passes Congress and has been signed by President Barack Obama.
The Program was set to expire September 30, but an EB-5 extension was added to Congressional spending legislation.
Many reforms have been put on hold with this EB-5 Program extension. No changes have been made to the program.
Congress created the EB-5 Program back in the 1990, and the Regional Center Program in 1992, with the intent to attract foreign investors who would invest in a variety of projects in the USA that would create numerous jobs for qualified U.S. workers, and thus stimulate the economy and promote growth.
Since then the EB-5 Regional Center Program has created well over 100,000 jobs and helped create billions of dollars in project investments all across the country. According to IIUSA, over $15.4 billion of direct foreign investment has been invested into the U.S. economy since 2008 and 41,000 jobs were supported in 2013 alone due to the EB-5 Program.
The new extension date provides lawmakers and EB-5 stakeholders more time to come up with a reform plan that would improve EB-5 Program. Meanwhile, foreign investors can continue to fund new economic developments that create jobs.