Last week the House passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), which re-authorizes the EB-5 regional center program. This NAR-supported bill had previously passed the Senate.
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. President Obama is expected to sign the bill.