EB-5 Update

  

•    Too much $$ at stake so unlikely they’ll kill the program
•    USCIS testimony in recent weeks and SEC announcing that EB-5 is a “priority” in 2016 suggests that the upcoming elections aren’t necessarily dulling the debate; the vibe in all parts of DC is “its broken and it needs to be fixed” and I doubt even Related’s lobbying through GT can change that perception, so changes are very likely I think.
•    TEA-tightening rules are a given in any new bill but the “reserved for rural” thing ain’t gonna happen
•    Tenant occupancy job count will likely be limited, USCIS wants a flat figure, like the 30% they agreed to.
•    Price increase a certainty, seems to be that $800k figure is what all sides agree on
•    Klasko, like me, believes that retroactive application of investment amount, new TEA limitations, tenant occupancy ain’t gonna happen bc too complex for USCIS to implement

I would say that I left the session feeling “reassured” that EB-5 will not be killed and honestly think that our focus on projects in bumf#ck places like Okeechobee and rural Tennessee means we are among the very few Regional Centers likely to be affected since we don’t rely on either TEA trick math or tenant occupancy.  The one point which someone made, I think Klasko, that surprised me pleasantly was that based on all that is going on, we should not take it as a given that we have things as status quo through September….it is possible that the current momentum in dialogue could result in a new EB-5 law even before the current one expires!

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