June 30 lapse of the EB-5 Regional Center program: AIIA to host town hall to seek investor input as it commences Congressional outreach
On June 24, 2021, Senator Grassley’s Unanimous Consent (UC) request to pass S.831, EB-5 Reform and Integrity Act, was blocked. This means the EB-5 Regional Center program will lapse on June 30, 2021.
What does this mean for existing investors?
While USCIS has not yet come forward with an official policy statement, precedent and verbal assurances suggest that all pending I-526s and I-485s will be held in abeyance, pending re-authorization. Investors who have already received their conditional green cards are not expected to be affected by this lapse.
Watch our town hall on July 1st with EB-5 immigration attorneys where we will discuss the impact this lapse will have on existing investors’ immigration petitions.
When is a re-authorization expected?
Congress will be in recess for the July 4 holiday and will be back in session by the second week of July. Things are in flux at the moment, but we expect efforts to attach EB-5 authorization to bigger legislative vehicles later this summer. It is also possible that the Regional Center program is renewed with the federal appropriations bill on or before September 30th. We have it on good authority that multiple industry factions are working furiously to reauthorize the program. AIIA is in touch with key players of the EB-5 industry to ensure existing investors’ interests are well protected throughout this process.
What is AIIA doing to help protect investors?
- Our political consultants have commenced outreach to key Congressional offices. We expect to begin having one-on-one conversations with Congressional staffers soon. AIIA’s priority during this lapse is outlined in its June 23 open letter addressed to Senators Schumer (D-NY), Grassley (R-IA), and Leahy (D-VT).
- We are in dialogue with reporters of prominent media organizations to ensure existing investors’ plight is known to the public.
- We are reaching out to EB-5 industry factions pushing forward the re-authorization efforts. Our goal is to ensure that investors have a seat at the table.
What can I do as an EB-5 investor/stakeholder?
- Contribute your ideas — AIIA hosted an open town hall on July 1 to seek investor input on how they would like to see the EB-5 program reform going forward. Input from this town hall will inform AIIA’s position on reauthorization legislation and Congressional outreach efforts. There is strength in numbers and this townhall will help show the EB-5 industry that investors want to actively participate in the ongoing program reform efforts.
- Become an advocate – We need investors to advocate for us as we outreach to federal policy makers – having representative investors from different regional centers and states will help make our voice louder.
- Donate to us – Working with political consultancies is very expensive. As a grassroots nonprofit, AIIA relies solely on donations to fight for investors’ interest. Most investors are sending us $500 – $1000 donations, but even $200 helps. AIIA is run on a volunteer basis, and all your donation will be used toward advocacy expenses.
- Volunteer – Join our movement! We are looking for volunteers who can help in various areas, such as public outreach, research and data analysis, media-management, etc. Let us know how you may help using the volunteer signup form.
- Spread the word about AIIA – Follow us on Twitter and retweet our updates. Tell your fellow EB-5 investor about us and our cause. The more people we reach the bigger of an impact we can make!
- Watch and share our Youtube video – it is a long video but details our mission, action plan and what your donations go towards.
AIIA was created by and for EB-5 investors. We stand by our fellow immigration investors and believe that, together, we can make our voice heard in the EB-5 legislative process. Sign up for our newsletter on our website to stay on top of our advocacy progress and EB-5 news.
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