EB-5 Extended 3 Years by House, on President’s Desk!
Yesterday, September 13th, the U.S. House of Representatives passed S. 3245 (412-3) – providing in part a three year re-authorization of the EB-5 Regional Center Program through September 2015. (As I told you back in August, the Senate passed the bill on August 2nd.)
Now that both chambers of the U.S. Congress have approved the extension, it goes to the White House for President Obama’s signature. Here’s what this means to EB-5 investors:
- Although others online are reporting that the President is expected to sign it into law this week, a former State Department colleague who works in the White House says not to hold our breath: the violence in the Middle East means their energies are on other priorities. That being said, I would say that it is virtually certain that since the current legislation expires on the 30th of September, the President WILL sign before that date, ensuring uninterrupted continuity of the EB-5 program
- Although we had HOPED that this time the so-called “Pilot Program” would be made permanent, it is easy to understand that with the election looming, engaging that option is not realistic. We’ll take the three years!
- Based upon statistical EB-5 usage trend, Sam Udani of ILW and I both believe that this fiscal year of 2013, which begins on October 1, 2012, will be the first year EB-5 numbers run out. (Remember: it’s not just the investor who counts toward the 10,000 visas…family members do, too.)
The bottom line is that we are full steam ahead on EB-5 AND that those of you on the fence as far as investing need to get busy and lock up the last remaining Lake Point Capital Partners EB-5 slots before they are gone!!
P.S. answer is YES, I flew out of Pakistan the day before the violence began and am in Miami safe and sound, thanks for your concern!
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