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July 2017   Volume 43, Number 7      
 

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EB-5 Program Extended Through September 2017

The controversial EB-5 program, which provides a way for wealthy foreigners to obtain green cards by investing in the U.S., has been extended for at least another two months thanks to a spending bill passed by the Senate.

The $1.1 trillion in federal funding that averted an impending government shutdown wrapped in an extension for EB-5 just one day before the immigrant visa program was set to expire.

The extension buys lawmakers and industry lobbyists more time to come up with a solution for reforming the program before it expires again on September 30.

For two years, lawmakers have passed extensions in lieu of permanent legislation reforming the EB-5 program, which has proved opaque and vulnerable to corruption. Critics have also said that it has failed to spark development projects in rural and depressed urban areas, in spite of legislative intentions when the program was created in 1990.

Each year, U.S. Citizenship and Immigration Services sets aside 10,000 visas for investors and their families through the program.

“American workers and local developers depend on EB-5 as a vital source of capital,” said Invest in the USA, a trade organization for the EB-5 program, in a blog post, adding it hopes the end result will “shape the program into an even better economic development tool.”

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In this issue:

The Best, Worst Metros for Real Estate Investors

Five States with the Highest, Lowest Cost of Living

Americans’ Confidence in Economy Reaches Post-Election Low

EB-5 Program Extended Through September 2017

Flexible Workspace Real Estate Trend Set to Take Off

Home Builders Target Millennials with Lower-Priced Homes

Housing Starts Decline 2.6 Percent in April

Luxury Real Estate Starting to Cool Off

Market Competition Intensifies for Millennial House-Hunters

How Realtors Are Using Mobile Technology

 


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