Was The Rush To File EB-5 Project Exemplars Worth It?
Law360, New York (October 27, 2015, 10:45 AM EDT) -- There was obviously a mad scramble to meet the Sept. 30, 2015, deadline before the renewal of the EB-5 Pilot Program. Under this program, foreigners can obtain U.S. citizenship by investing $500,000 in real estate projects approved to receive EB-5 capital. Due to a proposed Senate bill aimed at making it more difficult for developers in urban areas to raise EB-5 capital, the industry was concerned about the potential grandfathering of projects. Many developers and regional centers proceeded to undertake the completion of offering documents in order to file project exemplars by the Sept. 30, 2015 deadline. Since new legislation was not passed and the Pilot Program was renewed based upon the continuing resolution adopted by Congress, the Pilot Program was renewed until Dec. 11, 2015. Was the mad scramble worth it?...
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