NAR has joined the Coalition to Save and Create Jobs
As you may or may not be aware, when the last omnibus appropriations bill was passed in December 2020, the EB5 program was decoupled from automatic approvals provided in that bill. This means the EB-5 program has to stand on its own to gain re-approval before the sunset provision of June 30, 2021.
On March 18, 2021 Senators Leahy (D-VT) and Grassley (R-Iowa) introduced EB-5 Investor Visa Integrity Reform Bill. This legislation would reauthorize the program for five years, providing certainty and stability for the program and for its investors. In addition, there are significant reforms included in this bill to ensure the program’s integrity, viability and accountability for its investors and users.
NAR has joined the Coalition to Save and Create Jobs which advocates for the program’s integrity, accountability and most importantly, it’s reauthorization. In December of 2020 NAR signed on to a letter with this coalition that was sent to Congress supporting the principles. NAR, along with this coalition, will continue to push these principles and reach out, educate and engage members of Congress to get this bill across the finish line prior to June 30, 2021. Should the reform bill not pass, we will advocate for a clean reauthorization of the program.
At the GBA Committee Meeting during the NAR Legislative Meetings, we will be joined by representatives of the EB-5 coalition to provide additional information and perspective on this issue. Be sure to register for the NAR Legislative Conference and add the GBA Committee on Thursday, May 6, 2021 at 10am-11am CST.