On May 5, 2017, the Consolidated Appropriations Act, 2017 became Public Law No: 115-31, which extended a number of programs, including the EB-5 regional center program, until September 30, 2017. This came on the heels of Congress extending a number of programs that were to sunset on April 28, 2017, including the EB-5 regional center program, until May 5, 2017. There have been no substantive changes to the EB-5 regional center program in either of these extensions.
Another recent extension to the EB-5 regional center program occurred on December 10, 2016, which extended the program until April 28, 2017. Former President Obama signed into law H.R. 2028, entitled the “Further and Continuing and Security Assistance Appropriations Act, 2017,” which also extended a number of other programs through to the end of April 2017. As we previously posted, the EB-5 Regional Center program was recently similarly extended on September 29, 2016 through to December 9, 2016. There were also no substantive changes in these extensions of the EB-5 regional center program.
It is hoped that the EB-5 regional center program will again be extended without substantive changes, but this time for a few years or even permanently as opposed to only for a few more months. However, it is possible that proposed EB-5 legislation currently being contemplated may be passed, which would change a few key elements of the entire EB-5 program, as we discussed here.
If there is no legislative action prior to September 30, 2017, it is likely that USCIS will hold on adjudicating certain EB-5 petitions (i.e. those based on investments in regional centers) that it receives by that date. If that is the case, it is most likely that USCIS will only continue to adjudicate these EB-5 petitions after the regional center program is extended again. We will only know for certain how USCIS will act when they formally announce their plan of action at that time.
Jackson & Hertogs will continue to keep our clients apprised of future developments. Do not hesitate to contact us for a consultation.
