NAR Joins Growing List of Coalition Supporters to Reauthorize the EB-5 Regional Center Program
With the Program’s expiration date on June 30, 2021, support continues to grow to reauthorize the EB-5 Regional Center Program
WASHINGTON, DC – April 6, 2021 – The Coalition to Save & Create Jobs is pleased to announce that the National Association of Realtors® joined its growing ranks in support of the bipartisan federal legislation, S. 831, the EB-5 Reform and Integrity Act of 2021. This bill was introduced by Senator Chuck Grassley (R-Iowa) and Senator Patrick Leahy (D-Vt.) to reauthorize the EB-5 Regional Center Program, which is currently set to expire on June 30, 2021.
The EB-5 Regional Center Program was created to attract capital from foreign individuals who meet specific investment and job creation requirements. For years, EB-5 investments have filled funding gaps and provided vital capital for local economic development projects that create and support jobs, infrastructure and businesses across the country.
“On behalf of CSCJ, Invest in the USA and its leadership is pleased and grateful that the National Association of Realtors® joined our effort,” said Aaron Grau, Executive Director at IIUSA. “We’re hopeful that with our growing list of supporters across the country, congressional leaders will bring the EB-5 Reform and Integrity Act of 2021 over the finish line before the June 30 deadline.”
Since its inception, the EB-5 Regional Center Program has attracted more than $41 billion in capital investment from across the globe to support American businesses and created more than 820,000 job opportunities for U.S. workers.
“When bank financing options became scarce in the wake of the 2008 financial crisis, many in the real estate industry turned to alternative financing, including EB-5 investments,” said NAR CEO Bob Goldberg. “This is a traditionally less expensive source of capital that offers flexible loan terms and straightforward exit strategies. EB-5 financing has been a reliable lifeline in the past, and it can be a valuable resource again as businesses and individuals work together to get our economy growing like it was before the pandemic.”
For more information on the Coalition to Save and Create Jobs, visit https://www.saveandcreatejobs.org/join.
About the Coalition to Save and Create Jobs
Coalition to Save and Create Jobs (CSCJ) was established to promote economic recovery, development, and growth by assuring the good-government and long-term reauthorization of the EB-5 Regional Center Program through the bipartisan EB-5 Reform and Integrity Act, championed by U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-Vt). CSCJ consists of trade associations, chambers of commerce, municipalities and mayors’ offices, community banks, economic development organizations, health care facilities, and more. For more information, visit: https://www.saveandcreatejobs.org/.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.