What is the current status of the EB-5 regional center program?

As of July 2017, we are in the middle of another short term reauthorization (through September 30, 2017). We are still waiting on new legislation but, in the meantime, nothing has really changed in the requirements.

Currently, the EB-5 regional center program is extended temporarily until Dec. 9, 2016 without any changes. It is likely the program will receive another short-term extension into March 2017 via a continuing resolution. Thereafter, the program will likely experience significant changes, including but not limited to, increased investment amounts.

The Pilot Program for EB-5, which allows for the regional center, has been extended UNCHANGED to Dec. 9, 2016.

The EB-5 Regional Center Pilot Program remains unchanged (as-is) until Dec. 9, 2016. It is up to the government whether they extend, change, or let the program lapse after that date. However, to reiterate, nothing has changed with the regional center program at this point.

Extended only until December 9 on the same terms as the previous program.

The regional center program has simply been extended until Dec. 11, 2016, keeping everything the same as last year, including the TEA amount. This was done as a Continuing Resolution to keep the government operating at the same level as last year without new appropriation legislation passed by Congress and signed by the president. Now that a new president has been elected, I would suspect that another Continuing Resolution will be passed until after the inauguration, possibly until early February or even longer to give the new president time to work up a budget proposal to submit to Congress and have them pass it for his signature. Since the Federal Fiscal year ends on September 30 and this new president has no governing experience, Congress may give him more time to properly work on the budget proposal for the Fiscal Year 2018 starting October 1. Thus, I would expect the current program to continue as-is for a short 2+ months or longer, unless the president allows USCIS to administratively increase the investment amount.

So far no changes. The regional center program expires Dec. 9, 2016. If at all possible, it may be better to file before this date. We currently expect to see a continuing resolution extending the program until March 31, 2017. During this time I expect to see a new bill introduced, a version of HR 5992, that does increase the minimum investment to $800,000 for TEAs and $1.2 million for non-TEAs. No-one knows what the final TEA will look like. Some think President-Elect Trump may not support a program that hurts New York developers.

The regional center program was temporarily reauthorized based upon a continuing resolution through Dec. 9, 2016, and there were no changes made in the regional center program or, for that matter, the EB-5 program in general, nor were there any changes in the number of visa numbers. It is almost certain that prior to Dec. 9, 2016, Congress will further reauthorize the program, likely until March 31, 2017, and sometime during 2017 there is a likelihood that in order to get a longer term extension of several years or longer, there will be so-called "EB-5 reform legislation" approved - which would at a very minimum raise the minimum investment amount from $500,000 to at least $700,000. We would not anticipate any cut in visa numbers, but there might be some possibility that the total number of visas available for EB-5 investors will be increased.

There is a bill in Congress that calls for changes in the EB-5 program. For instance, there is a move to change the investment: $500,000 will be changed to $800,000 for rural areas investment, while the current $1 million investment in urban areas will be changed to $1.2 million. All of these changes and others remain as just proposals and, until they are enacted into law, nothing has changed. Advisably, consult an EB-5 attorney and stay away from the rumors.

Congress reauthorized it, without any changes, in their budget continuing resolution. They may or may not change it in the future.

At this writing, it is set to sunset on Dec. 9, 2016; however, most experts anticipate it will be extended. No one at this point can accurately predict what Congress may do.