Source: Asian Hospitality
by Ed Brock
THE EB-5 INVESTOR visa program, a source of financing for construction projects such as hotels, is set to expire in June. Newly proposed legislation would renew, and reform, the project to prevent the loss of an alternative line of funding for projects as the industry begins to bounce back from the COVID1-19 pandemic.
The EB-5 Reform and Integrity Act of 2021, sponsored by Democrat Sen. Patrick Leahy a senior member and former chairman of the Judiciary Committee, and Sen. Chuck Grassley, Republican, would reauthorize the program while improving fraud protection measures. The program was created in 1990 and provides U.S. immigration visas to foreign investors who put their money in job creating local economic development projects.
