3 October 2016
Déjà vu all over again?
Last Thursday, President Obama signed the Continuing Resolution, or CR, passed by Congress for the principal purpose of avoiding the shutdown of the Federal government by continuing to fund government operations and most of its agencies at 2016 levels through December 9, 2016. It is hoped that at that time, Congress and the President will be able to agree upon the budget for the entire fiscal year ending September 30, 2017.
As last year, the Continuing Resolution is a temporary solution, continuing funding only through December 9, 2016. A host of various programs are included in the Continuing Resolution, including the EB-5 Regional Center program, and most other Federal programs and agencies, plus a few additional items such as relief for Flint Michigan.
What does this mean for EB-5?
The Continuing Resolution keeps the EB-5 Regional Center program running until Congress can reconvene after the elections and devote itself to sorting through all the budget issues, as it did last year at about this time.
While there continues to be wide-spread support for EB-5 in Congress, there are now a few Senators and Congressman that would like to greatly restrict the program or eliminate it altogether. It is therefore quite important that all stakeholders contact their representatives and express their feelings on the importance of this valuable program and prevent it from becoming a political football.
JMBM’s Global Hospitality Group® vigorously supports the EB-5 program, and actively participates in the IIUSA and its activities. We urge all interested persons to do the same.
This is Jim Butler, author of www.HotelLawBlog.com and hotel lawyer, signing off. Why don’t you give us a call (or send an email) and let us know what you working on? We would like to see if our experience might help you create value or avoid unnecessary pitfalls. Who’s your hotel lawyer?
Our Perspective. We represent hotel owners, developers and investors. We have helped our clients find business and legal solutions for more than $71 billion of hotel transactions. As of June 30, 2016, we have closed more than $1 billion of EB-5 financing for our clients, and sourced more than $700 million for their projects.
As a client, our unparalleled experience means that you get:
- better, faster, more cost-effective results
- greater certainty of execution while avoiding costly missteps or missed opportunities
- added credibility from our experience and reputation
- greater confidence that you will get the best deal possible
If you would like chat about how we might help you achieve your hotel goals–with EB-5 financing or otherwise– please contact Jim Butler. And of course, there is no charge for our initial discussion.