The reauthorization of the EB
The reauthorization of the EB-5 Regional Center Program is giving some developers in Orlando déjà vu.
Similarly to year following its launch, “everyone was looking at it with a skeptical eye,” developer Joshua Wallack said. It took a couple of success stories for his family’s real estate company to consider using the program in 2013, when it partnered with a development group to build a hotel in New York using EB-5 financing.
Attorney Ronald Fieldstone of Saul Ewing in Miami says the reauthorization for five years gives the regional center program stability.
“For the first time in a while we have a program that won’t be renewed every nine months or so,” he said. The differential minimum amount an investor must put in for qualified Targeted Employment Areas and non-TEAs is not as great as it used to be and there’s rural exemptions for designations with less than 20,000 people, he adds.
Fieldstone is actively engaged in deals that were either in the market before and are being modified and amended to adjust to the new legislation or working with clients on new projects using EB-5 financing.
He represents both developers and regional centers in EB-5 matters, and has been involved in more than 350 EB-5 related projects. According to him, appetite for EB-5 investment remains strong.