Friday, December 3, 2021 - The United States Congress passed legislation to allow the government to continue to maintain current budget levels through February 18, 2022. This legislation, known as a Continuing Resolution (CR), comes in lieu of an actual budget appropriations bill for the fiscal year. This is a temporary measure to continue government funding and must be addressed again on February 18, 2022. This must-pass legislation has been the vehicle for EB-5 regional center program renewal over the past several years. While we were hopeful for a more timely reauthorization of the EB-5 Regional Center Program on December 3, 2022, this opportunity has moved to February 18, 2022.
As we head into 2022, FirstPathway Partners CEO and IIUSA President, Bob Kraft, continues to work with industry colleagues and Capitol Hill offices to include the EB-5 Regional Center Program reauthorization on the budget appropriations bill. The EB-5 Regional Center program continues to have strong bicameral and bipartisan support. We encourage Congress and the entire industry to stay engaged in the process both for existing clients and the future of an important program that has helped create hundreds of thousands of American jobs. We fully support the measures that have been proposed that protect existing investors from future expiring legislation and other program improvements for investors, projects, and all other stakeholders. FirstPathway Partners will not stop working for our existing investors and the EB-5 industry as a whole. The current delay is disappointing, but we believe it is merely a setback on the path to renewal. FirstPathway Partners will continue to provide updates to clients and partners as we work toward reauthorization in the near future.