U.S. Senate Passes Three-Year Extension of EB-5 Regional Center Program

On August 2, 2012, the Senate unanimously passed S.3245 which contained a three-year extension of the Regional Center program.  The House of Representatives now must pass the bill before it can be signed into law by the president.  Currently, the House is in recess and will likely consider the issue sometime in September of this year.

While passage of the three-year extension in the Senate is a good sign, there is no word yet on the permanent extension of the Regional Center program that was also being considered by the Senate.  However, the fact that the Senate bill was passed unanimously demonstrates the strong bipartisan support that the EB-5 Regional Center program enjoys.  We expect that the House will also pass this bill quickly when it reconvenes in September.  President Obama has publicly voiced his support for the EB-5 program on numerous occasions and thus the passage of this three-year extension is highly likely.