A brief federal government shutdown ended this morning as the House and the Senate passed a Continuing Resolution (the “CR”) which provides a bipartisan budget bill that raises spending caps for two years and funds the federal government through March 23, 2018. The President signed the bill this morning. This new short-term extension has the effect of extending the EB-5 Regional Center Program in its existing form, meaning individual investors may continue to file I-526 petitions until this date.
It is still highly probable that the Federal government’s Office of Management and Budget (“OMB”) will roll out new EB-5 regulations in the near future or that Congress will present legislation regarding the EB-5 Regional Center Program. As we have expressed previously, it is highly likely that the minimum investment amounts in place will be increased as a result of these changes. Now is the time for any interested investor to seriously consider filing EB-5 applications (Form I-526) as soon as possible under the current EB-5 rules.
The Bipartisan Budget Act of 2018 also lifts defense sequestration caps, increases both defense and domestic spending through 2020 and contains $89 billion in disaster relief aid for Puerto Rico, the U.S. Virgin Islands, Texas and Florida.
The Cozen O’Connor EB-5 team will continue to follow any proposed legislation affecting the EB-5 Regional Center Program in the weeks to come.