The Coalition to Save & Create Jobs (CSCJ) has revealed that the American Hotel & Lodging Association (AHLA) and AAHOA have joined its growing ranks to support the bipartisan federal legislation, S. 831, EB-5 Reform and Integrity Act of 2021, introduced by Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT), to reauthorize the EB-5 Regional Center Program. The program’s current expiration date is June 30.
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, according to the CSCJ.
“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,” said Aaron Grau, executive director, IIUSA, the industry trade association for the EB-5 Regional Center Program.
Since its inception, the program has drawn in 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.
“As a result of the pandemic, hotels are facing historically low occupancy, massive job loss and record hotel closures,” said Chip Rogers, president/CEO, AHLA. “With travel not expected to return to pre-pandemic levels until at least 2023, it’s critical that Congress reauthorizes the EB-5 investor program, which has proven time and again to be good for the hotel industry and our economy. The EB-5 Regional Center Program will create certainty in the marketplace and provide a significant source of financial support for hotels and hotel jobs at a time when we need it most. We stand ready to work with the Coalition to Save and Create Jobs to advocate for the EB-5 Program.”
AAHOA President/CEO Cecil P. Staton said, “The travel industry, and especially the hotel business, can and will bounce back from this COVID-19 economic crisis, but only with support; specifically, the kind of non-traditional but reliable support offered by the EB-5 Regional Center Program. AAHOA is grateful for IIUSA’s work and the opportunity to join the Coalition to Save and Create Jobs. We encourage Congress to pass S.831 and reauthorize the Regional Center Program before June 30.”