Proposed ‘EB-5’ Changes Worry Developers
Neil Shapiro was quoted in Commercial Mortgage Alert regarding the potential expiration of certain provisions of the EB-5 program, which aims to attract foreign capital for real estate development projects that create U.S. jobs. Shapiro explained that in recent months, some developers have been moving more slowly on property purchases, and potential investors abroad have become more skittish on committing capital in light of the uncertainty. Shapiro said in the program's current form, "the vast majority of EB-5 funds are being used for projects that would not otherwise happen. Or, they would not happen to the same extent or in the same time frame. The program is currently doing what it's supposed to do, which is to spur economic growth."