The EB-5 visa program – which has pumped $600 million into the development of Hudson Yards – will be extended through 2016, the San Francisco Chronicle reports. The program was set to expire this week, but will be passed by Congress along with the omnibus spending bill that will fund the entire federal government through September 30.
Earlier this week, Hudson Yardies reported that legislators were likely to change elements of the program, making it more difficult for developers to use money from the EB-5 program to build in affluent urban areas. But in the end, all changes were scrapped, and no new regulations were put in place.
“In the end, almost all of the industry groups thought the changes could potentially destroy the program and we were better getting the extension through Sept. 30 and dealing with the changes next year,” Philadelphia immigration attorney H. Ronald Klasko told the Chronicle.
As previously reported in Hudson Yardies, the EB-5 program offers green cards and potential citizenship to foreign investors in exchange for economic investment in the U.S. The minimum investment amount is $500,000, and investors must also “plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.”