Trouble in EB-5 Land: Congress at Impasse on Extension
Public Policy & Regulation Partner Ron Klein was interviewed by The Real Deal about the status of the EB-5 visa program after Congress failed to reauthorize one of its key components. The program allows foreign investors to obtain a green card if they invest in U.S. businesses and has been used to finance some of New York's largest real estate projects. A 2019 Trump Administration rule raising the minimum investment from $500,000 to $900,000 had hampered the program before a recent federal court ruling struck down the change. Relief was short-lived, however, as Congress failed to agree on a deal to reauthorize regional centers, which act as a middleman between investors and developers. The program is set to expire on June 30, but Mr. Klein predicted that it will be extended once Congress returns from the July 4 holiday.
"It's fairly likely there will be a clean extension — that means an extension without anything attached to it," he remarked.