By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com 08 September 2017
President Trump’s budget deal with Congress includes extension of EB-5 through December 8, 2017.
In a message to members of the Public Policy Committee today, the IIUSA confirmed the extension of the EB-5 regional center program as part of the budget deal struck yesterday by President Trump and Congressional leaders.
IIUSA message on EB-5 extension
The IIUSA is one of the leading EB-5 industry trade groups. Here is the text of the message from the IIUSA we received today:
Dear IIUSA Public Policy Committee,
As we are sure you’ve seen in media outlets, there is important news regarding government spending, and in turn, EB-5 reauthorization.
EB-5 Extension thru 12/8 Part of Congress/White House Spending Deal
Yesterday, Congress reached a deal with the White House that, once passed at some point this September, would extend existing funding levels and other program authorizations (such as EB-5) included on the last “continuing resolution” (“CR”) through 12/8/17.
The EB-5 authorization comes in Section 105 text of the deal released yesterday which:
Continues all authorities, requirements, and limitations from 2017 appropriations Acts through the date in section 106. Allows for valid obligations and expenditures during the period of the Continuing Resolution (CR).
Section 106 verifies the date:
Continues appropriations through December 8, 2017, or the enactment of the pertinent appropriations Act.
What does this mean for the future of EB-5?
We are very optimistic about this development and what it means for the future. Although we are not at liberty to disclose details, we believe that ongoing negotiations with senior members of Congress reflect the serious intention to work out a more permanent resolution of issues surrounding the EB- 5 program. It also appears that major stakeholders in the industry have overcome most of their past divisions and are more united than ever in support of a positive solution to industry issues.
How to get help evaluating and executing on EB-5 financing.
We have a lot of practical experience in helping our developer clients raise EB-5 funding. If you would like some help to evaluate whether EB-5 could work for you, or what strategy is best for you, then give us a call. There is no cost for an initial discussion.
Jim Butler, +1-310-201-3526 or jbutler@jmbm.com
David Sudeck, +1-310-201-3518 or dsudeck@jmbm.com
For more information about EB-5 financing, including the latest updates, go to www.HotelLawBlog.com, scroll down the right-hand side under LEARN MORE ABOUT and click on “EB-5 Financing” where you will find all the articles on the subject.
For your convenience, here are a few popular EB-5 articles that may be of interest:
President’s Trump’s budget deal includes extension of EB-5 through 12-8-17
The Hotel Developer’s EB-5 Handbook
FAQs: Essentials of EB-5 construction financing for developers
EB-5 construction financing term sheet for top developers
More than $1.5 billion of EB-5 construction financing closed for JMBM clients
Are hotels still the darling of EB-5 financing?
The 5 questions every developer is asking about EB-5 financing
Tips to avoid the 6 most common mistakes developers make with EB-5
Why you do NOT want to form your own regional center
What does JMBM do to help with EB-5 construction financing?
This is Jim Butler, author of www.HotelLawBlog.com and hotel lawyer, signing off. Please contact us if you would like to discuss any issues that affect your hotel interests or see how our experience might help you create value and avoid unnecessary pitfalls. Who’s your hotel lawyer?
