Last week the Senate passed S. 3245, sponsored by Senators Leahy (D-VT) and Grassley (R-IA), reauthorizing the EB-5 Regional Center program for three years. EB-5 regional centers allow foreign investors to channel investment funds into American businesses and developments.
Regional Centers, approved by the U.S. Citizenship and Immigration Service, identify businesses and development opportunities that meet the community's needs. In return for investing and creating American jobs, these investors earn visas to live in the United States. Regional Centers were created in 1992, but have existed as a pilot program since then.
The program was set to expire on Sept. 30, 2012. NAR's advocacy efforts will now turn to the House, which still must consider the measure.