Will ambitious industry-consensus reauthorization text be attached to a December appropriations bill?
IIUSA held a panel at its annual event to discuss the Regional Center Program’s potential reauthorization. An “industry consensus text” has been delivered to Capitol Hill; the text includes integrity measures, TEA definitions, minimum investment amounts, grandfathering, set-asides for rural and “true” urban distressed areas, and visa relief in terms of derivatives and/or parole. IIUSA hopes that some form of the text will be attached to an appropriations bill on December 3rd.The EB-5 industry was hopeful that the Grassley/Leahy EB-5 Reform and Integrity Act of 2021 would pass in June of this year. It did not. And the Regional Center Program lapsed. Hopes for reauthorization then shifted to the beginning of the fiscal year, October 1. That came and went with no reauthorization for the program.Now December 3rd is the date that industry insiders connected with Capitol Hill are hoping will deliver Regional Center Program reauthorization. While there is confidence that at some point legislation will be passed, there were also admissions that it’s possible that the timing for this gets pushed forward once again.
There is also speculation on just what reauthorization, if and when it happens, could look like. Perhaps the most appropriate comment was this question implying anything is possible: “Where’s my crystal ball?”So while there exists an industry-consensus bill, there doesn’t seem to be consensus on what exactly will happen to the program.Before looking at the facts of where we are now, let’s highlight the recent efforts to reauthorize the Regional Center Program.