Legislative Update, New RCs

Legislative Update (see paragraph end for continuing updates)
It looks as if the Regional Center program may get reauthorized next week after all, with significant but not terminal changes. The chairs and ranking members of the House and Senate Judiciary Committees have reached an agreement on a reform package that may be included in the omnibus appropriations legislation that Congress is working on to fund the federal government past December 11. IIUSA’s Board of Directors has voted in favor of the legislation, stating in a letter to members that “we believe that, on balance, the bill achieves real reform with minimal disruption to ongoing job-creating economic activity and establishes a fair market for attracting investors going forward, with everyone under the same rules at the same time.” See IIUSA’s blog post and Senator Leahy’s press release, which includes a one-page summary and link to a discussion draft of the legislation (version MDM15J00 of American Job Creation and Investment Promotion Reform Act of 2015). See also Senator Grassley’s press release. The WSJ blog’s post Fight Over Green Card Investor Program May be Near End discusses the proposal’s supporters and opponents. Michael Homeier’s 12/7 email and 12/9 email and Martin Lawler’s 12/9 post share insiders views of on-going lobbying efforts. As reported by IIUSA on 12/11:

Today, the House passed a short-term funding bill (H.J. 2250) by a voice vote to avoid a government shutdown. The original EB-5 extension is included. Yesterday, the Senate passed the short-term, five-day continuing resolution (CR) by unanimous consent, giving lawmakers until December 16th to pass a long-term spending bill for the rest of fiscal year 2016.
Senate leaders have noted that they will not vote on a funding bill until the House does.  As a result, Congressional leaders will be facing a tight deadline due to the nature of Senate procedure.
Reports indicate that the House may vote on a long-term funding bill as early as Tuesday, December 15th.  As soon as the House passes a bill, Senate Majority Leader Mitch McConnell (R-KY) is expected to file cloture on the funding measure immediately, forcing Senators to wait 30 hours before they can vote on final passage and send a budget bill to President Obama to be signed into law. Negotiations between House Republicans and Democrats are ongoing and IIUSA continues to provide updates on the status of those negotiations.
Now that the fate of EB-5 legislation is firmly linked to the omnibus appropriations legislation, I keep watching The Hill site for new “spending bill” articles, which report on progress of that legislation.
12/15 Update: Here is a link to the finalized Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2016 [Consolidated Appropriations and Tax Measures]. Page 708 has a simple extension of the Regional Center program to September 30, 2016, and I can’t find any other EB-5 changes.

New and Renamed Regional Centers
Meanwhile, USCIS is still busily adjudicating Regional Center applications, and accepting name changes from RCs affected by the Cautions on Names of Regional Centers.

Additions to the USCIS Regional Center List, 11/12/2015 to 12/03/2015.

  • American Lending Center Florida, LLC (Florida)
  • American Lending Center Illinois, LLC (Illinois)
  • Bart Investment Group, LLC (Florida)
  • Chicago First Regional Center Inc (Illinois)
  • EB5 Group New York Regional Center, LLC (Connecticut, New Jersey, New York, Pennsylvania) www.eb5groupllc.com
  • EB5 Land Regional Center (Washington)
  • First American Regional Center, LLC (California)
  • Golden Sun Development Regional Center (Washington)
  • Greater New York Business Regional Center (New Jersey, New York, Pennsylvania)
  • High Stone Regional Center, LLC (Connecticut, New Jersey, New York)
  • Lifezone Development Regional Center (Washington)
  • ON Regional Center, LLC (California)
  • Piedmont Regional Center, Inc. (Georgia, North Carolina, South Carolina, Tennessee)
  • Sino Indus BK Capital LLC (New Jersey, Pennsylvania)

Renamed:

  • AFC Regional Center LLC (former name New York Federal Regional Center) (New Jersey, New York, Pennsylvania)
  • West Maingate Regional Center, LLC (former name US Maingate Regional Center, LLC) (California)
  • American Lending Center LLC (former name United States Employment Development Lending Center) (California)
  • Greystone EB5 Southeast Regional Center LLC (former name Greystone Florida Regional Center LLC) (Florida)
  • Harris Real Estate Fund LLC (former name U.S. Federal Investment Immigration Fund, LLC) (Arizona)

About Suzanne (www.lucidtext.com)
Suzanne Lazicki is a business plan writer, EB-5 expert, and founder of Lucid Professional Writing.

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