Together IIUSA along with other industry stakeholder groups sent a letter to Congress on July 5, 2016. The letter sent to the House and Senate Judiciary Committee leaders and members expressed support for extending the Program. It also recommended reforms to enhance program integrity and effectiveness as an economic development tool.
IIUSA Executive Director Peter D. Joseph declared this communication as a significant milestone for the industry. Various stakeholders with a broad range of interests and priorities were able to reach consensus on the pressing issues of the Program. The EB-5 Regional Center industry is serious about reform and ready and willing to work constructively with Congress to make reform and reauthorization a reality before the September 30 sunset date.”
Some of the areas highlighted were:
- Integrity measures
- Targeted Employment Area (“TEA”)
- Policy & Investment Level Difference
- Visa Capacity & Backlog Reduction
- Grandfathering/Transition Period
- Extension of the Regional Center program
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