Building  Owners  and  Managers  Association  International

Building Owners and Managers Association International

Extension of EB-5 Expected (12/17/2015)

A few weeks ago, U.S. congressional staff working on the EB-5 program unexpectedly drafted new legislation that was neither vetted nor considered by industry stakeholders. The EB-5 program, which encourages foreign investment in American businesses and developments in return for immigration visas, contributes millions of dollars to the U.S. economy each year. The new legislation would have had a potentially disastrous effect on the future of the program, and industry leaders worked tirelessly with congressional staff to reach a compromise before the program expired.

Congressional leadership ultimately determined that more time would be needed to make this a truly workable and lasting bill. Instead, Congress is expected to pass a clean extension of the EB-5 program through September 30, 2016, to coincide with the passage of the omnibus bill. Over the next nine months, BOMA International will work with industry leaders to make sure that meaningful reforms take place to strengthen the EB-5 program.​