NAR championed a coalition letter to House Leadership and the House Judiciary Committee urging support for Senate legislation reauthorizing the EB-5 regional center program.
In July, the Senate passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), which reauthorizes the EB-5 regional center program. Regional Centers help identify American business needs in the community and help direct investor funds to those projects. In return for investing and creating American jobs, these investors earn visas to live in the United States.
Regional Centers began as a pilot program in 1992, but have been extended several times. Current authority is set to expire on Sept. 30, 2012. S. 3245 will extend them for an additional 3 years. We are hopeful this legislation will be considered in the House when Congress returns in September.