Congress has extended the EB-5 regional center pilot program through March 6, 2009, having included it in its continuing resolution for fiscal 2009 to fund government operations.
The resolution is now before the President for his signature.
The extension only lasts through March 6, 2009 as Congress continues to debate whether and how to proceed with the pilot program. The program was scheduled to sunset Sept. 30, 2008. The House had approved the extension in H.R. 5569, but the Senate is still reviewing its version of the bill S. 2751.
For investors in the EB-5 regional center pilot program, approval by the President of the continuing resolution means applications should continue processing as visas remain available. We will update our readers if USCIS issues a statement on EB-5 processing in light of the continuing resolution, assuming it is signed by the President.
A continuing resolution is a stopgap spending bill Congress approves when it has not finished its appropriations work by Sept. 30, the end of the government’s fiscal year. If the spending bills are not in place, the government cannot operate.
The continuing resolution is available here. The provision providing for the extension of the EB-5 program is Section 144.