With the objective of discussing and informing House and Senate staff members on the inner workings of the Program and the potential impact the December 9, 2016 expiration date has on the community, the U.S. Chamber of Commerce, the EB-5 Investment Coalition, and the Real Estate Roundtable hosted a briefing on the EB-5 Investment Program on Capitol Hill.
The briefing ended with lively discussion and questions from House and Senate staff members, including the myth that the EB-5 program is “buying” U.S. citizenship, which has been debunked, and questions regarding potential program lapse and retroactivity issues within the new bills. For more information on the EB-5 program, please visit the EB-5 Investment Coalition’s website.
The BPC published a report, “EB-5 Program: Successes, Challenges, and Opportunities for States and Localities” that showed the impact of the EB-5 program in state and local projects - a conservative calculation of EB-5’s national economic effects accounted for $11 billion in investment and 77,000 jobs created. In addition, according to the BPC, the projects are much needed in these areas, including public infrastructure, and affordable housing projects.