On Dec 2, 2021 Congress passed a Continuing Resolution extending the current US government budget through February 18, 2022.
Many industry stakeholders were hopeful that the EB-5 via Regional Center Program would be reauthorized by being attached to this Continuing Resolution (H.R.6119). Unfortunately, despite active engagement with multiple senators and their staffs, EB-5 reauthorization was not included as an amendment. In fact, this was a clean continuing resolution, meaning that only one amendment, the funding of Afghanistan refugee resettlement, was attached.
While this causes more delay for our clients and prospects, we remain optimistic about reauthorization. Even with the extremely high workload of legislation going through the Congress, senior members from both parties are still engaged on EB-5. There is a consensus draft bill for reauthorization already introduced in the Senate and more members have officially supported the Grassley-Leahy bill (S.831).
We share the frustration of our clients and will continue to work for long-term reauthorization and improved integrity measures. Next steps are identifying another piece of legislation that an EB-5 bill can be attached to as an amendment, or seeing it included in the Omnibus Appropriations Bill that needs to be passed now by February 18.