EB5 Investors Magazine (English Edition) Volume 5, Issue 1 - Page 93

stakeholders to come to a consensus on how to best address reform for the EB-5 program.  The most recent draft was circulated by Senator John Cornyn’s office in the first week of May 2017.  Some of the provisions to note, include: Minimum investment amount would be $800,000 in TEA and $850,000 in non-TEA locations. The TEA definition includes closed military bases, distressed rural census tracts or distressed urban census tracts. A distressed rural census tract must include at least one of the following: 1) poverty rate is at least 20 percent; 2) median family income of no more than 80 percent of statewide median income; or 3) must not have more than 100 people per square mile for 100 square miles. A distressed urban census tract must meet all of the following: 1) be inside a Metropolitan Statistical Area (MSA); 2) census tract’s poverty rate is greater than 30 percent; 3) the median family income for the census tract does not exceed 60 percent of the statewide median income; and 4) the unemployment rate for the census tract is at least 1.5 times the national average. Regarding visa numbers, it eliminates dependent family members from the EB-5 cap.   If legislation is passed in Congress and signed by the president before the regulations are finalized, the legislation’s provisions will govern.  If the regulations are finalized before legislation is passed, subsequent legislation (if passed) will supersede the regulations.  The take-away is that while the EB-5 program has been extended to Sept. 30, 2017, regulations or legislation may reform the program as we know it before then. Laura Foote Reiff Laura Foote Reiff of Greenberg Traurig focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related employment compliance and legislative issues. She serves as Northern Virginia co-managing shareholder; co-chair of Business Immigration and Compliance Practice; and co-chair of Global Human Capital Solutions. She performs I-9, H-1B and H-2B compliance inspections and due diligence while defending a company against a government investigation. She represents many businesses in creating, managing and using Regional Centers. EB5INVESTORS.COM 92