EB5: A recent letter to Congress from
WH: Both San Antonio and El Paso
legislation in Congress? Another
the U.S. Chamber of Commerce and
are home to regional centers so
concern involves the large backlog
other organizations estimated the
we’ve seen the benefits. San Antonio
of EB-5 visa applicants. Currently,
EB-5 program generated over $15
was already on the cutting edge by
there is an estimated seven-year
billion from 2005-2015 and created
creating an economic development
wait for investors. In addition,
more than 100,000 jobs in America
zone, Brooks City Base, after Brooks
there is a backlog of over 22,000
– becoming “an essential economic
(Air Force Base) was closed in 2011.
investor applicants pending USCIS
development financing tool in post-
To loop in the EB-5 program to this
adjudication, representing over $11
Great Recession capital markets.”
certainly shows an innovative streak
billion in foreign direct investment.
What is your reaction?
that I think San Antonio exemplifies.
However, a federal cap limits the
Look no further than the great work
number of EB-5 visas issued each
WH: Certainly in Texas alone we’ve
and public-private-partnerships
year. The current allocation is set at
seen growth as a result of the
that are occurring from an IT and
10,000 people annually. As part of
program. The latest statistics I’ve
cybersecurity perspective.
that calculation, the applicant and
seen put Texas as the fourth largest
MorE EFFiCiENt.
MorE EFFECtivE.
MorE ProFitaBlE.
each family member is counted. Many
beneficiary of EB-5. I don’t think
EB5: Would you offer EB5 Investors
in the industry believe the original
there’s any question that it supports
Magazine an update on what
congressional intent was 10,000
jobs, over 3,000 in Texas.
you anticipate regarding the
families, rather than 10,000 people.
reauthorization and reform of the EB-5
Do you think the cap will be increased
EB5: What do you foresee in terms of
Regional Center program, which is set
to the original congressional intent?
the future economic and job creation
to sunset on September 30, 2016?
Please elaborate.
kind of difference do you think it’s
WH: It’s difficult to speculate, but
WH: I think it’s clear th