May 1, 2017
Regional Center Program Headed for September 30th Extension Without Changes
Following months of negotiations, Congress has introduced a spending package that will keep the government’s doors open through the rest of the Fiscal Year. Nervous stakeholders can take heart that Section 542 of the 1665-page bill will extend the Regional Center program to September 30 without any legislative changes:
Section 610(b) of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153) shall be applied by substituting “September 30, 2017” for “September 30, 2015”.
The bill is virtually certain to pass, given that it is lauded by legislators on both sides of the political aisle, as well as the White House. Even though Congress remains poised to take on substantial reforms to EB-5, investors and project principals will now have a greater degree of certainty regarding the program’s terms and conditions during the coming summer months.