House approves extension of job-creating EB-5 investor program

Encouraging capital investment and job creation in the Northern Marianas are the benefits of the EB-5 Regional Center program.  I supported extending the program for another 3 years during debate this week on S. 3245.  The House did approve the bill, which now goes to the President for signature.  EB-5 investors must invest a minimum of $1 million, or $500,000 in rural areas or areas of high unemployment.  Each investment must create or preserve 10 full-time jobs for U.S. workers.  In return investors are granted a conditional permanent resident status in the United States.  This incentive has already brought investment proposals to the Northern Marianas that are projected to create over 1,500 jobs.  Although these proposals have not yet produced any investment, S. 3245 keeps open the window of opportunity for the Regional Center program to benefit the Northern Marianas economy.