On December 10, 2016, the EB-5 regional center program was extended to April 28, 2017, without substantive changes, when the President signed into law H.R. 2028. This law, entitled the “Further and Continuing and Security Assistance Appropriations Act, 2017,” also extends a number of other programs through to this date. As previously posted, the EB-5 Regional Center program was recently similarly extended on September 29, 2016 through to December 9, 2016.
It is hoped that prior to April 28, 2017, 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. Apart from the length of time the regional center program is to be extended, 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 April 28, 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 before April 28th. 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.
