Why Speeding Up the EB-5 Program Is Good News for Commercial Real Estate
Written on June 30, 2011 by Brooke Wardlaw
Proposed reforms to the EB-5 visa program by the U.S. Citizenship and Immigration Services (USCIS) indicate that the federal government has noticed the plight of commercial real estate.
The EB-5 proposed revisions may signal a realization by Congress that the commercial real estate industry needs help. The hope for change is that this is just not a pre-election bone thrown out for commercial real estate entrepreneurs to gnaw on.
The EB-5 program makes 10,000 visas available each year to foreign investors. A big portion of the investment made through the EB-5 program benefits commercial real estate. A minimum of 10 jobs must be created by the and in return, immigrant investors are fast-tracked to obtain U.S. visas.
These investors can help finance real estate projects through the EB-5 program as well as invest in existing projects. The changes announced today will speed up the process, put people in place to act as ombudsmen, and set up a decision board to speed up applications. To learn more and/or to render your opinion, log in to http://www.uscis.gov.
It is not just about the dollars and jobs, or a program that encourages legal immigration. It is the very fact that a measure that could aid commercial real estate is being addressed. For years, the news for commercial real estate has been only about takeaways – doing away with carried interest, raising taxes and discontinuing expense deductions. Residential real estate warranted the emergency triage attention from Congress. and even though it is still slogging along after nearly 4 years, at least the problems have warranted discussion and action.
Commercial real estate, on the other hand, has received little attention from our legislators in Washington. This despite the admirable efforts by groups like The Real Estate Roundtable , International Council of Shopping Centers (http://www.:icsc.com) and Urban Land Institute to try to educate and inform anyone who would listen about the size, scope and trickle-down effects of the commercial real estate meltdown.
No bailouts required – just create sensible policies that help get the industry avoid the disaster of residential real estate.
Similar Posts:
- Edmonton: an emerging choice in commercial real estate
- Essential investment for your portfolio
- Procedure of setting up a real estate business in Dubai
- Speed Camera Blackspots in France
- Dubai Marina is still appealing to a majority of property buyers
