The EB-5 Regional Center Program is set to expire on December 11, 2015. In order to show support for the re-authorization of this program, Invest in the USA (IIUSA) gathered signatures from more than 875 organizations and presented them in a letter addressed to Congress.
The letter, titled “EB-5 Is Working,” provides evidence of how much the program has benefited the economy. The Regional Center Program has had a positive impact on the economy, resulting in $9.62 billion to GDP between 2010 and 2013 and supporting more than 29,000 jobs per year during that time period alone. Beth Zafonte, Chairwoman of the IIUSA Association Building Committee, worked with other committee members to reach out to a wider range of organizations for support. In fact, the number of organizations that ended up signing this letter, which was delivered on September 22, was more than twice as high as a previous EB-5 letter sent to Congress in 2012. The current letter reflects the support of a broader scope of organizations and businesses, which helps show Congress how much of an impact the Regional Center Program has had. The letter is intended to convince Congress that the program’s benefits extend beyond the projects that are invested in and help support the economy overall.
The Regional Center Program was originally set to expire on September 30, 2015, but a government funding bill pushed the expiration date back. The bill included a short-term extension that provides enough funding for the program through December 11. IIUSA and businesses that support this program cite its importance in helping the US recover from the 2008 recession as one reason to reauthorize it. Supporters also point to the number of jobs that have been created and the amount of money that has been invested as additional reasons to keep the program going. Those who signed IIUSA’s letter include the National Association of Counties, the National Development Council and the U.S. Conference of Mayors. In addition to sending this reauthorization letter to Congress, IIUSA also plans on continuing efforts to promote long-term authorization of this vital program.
If you need help obtaining an EB-5 visa as an investor, a qualified and dependable EB-5 attorney can help. To get additional information on this investment immigration process, contact the law offices of David Hirson & Partners at 1-949-383-5358.