Congress Expected to Reauthorize EB5 Regional Center Program

Congress is poised to pass an omnibus spending bill that would include a provision to reauthorize the EB5 regional center program. Assuming the bill is signed into law, it would also make a number of important changes to the EB5 program.

Overview of Proposed Changes

In addition to reauthorizing the regional center program through September 30, 2027, this bill would make some significant changes to the EB5 program. Some of those changes, which would apply to both regional center and non-regional center cases, include the following:

• Increases the minimum investment amount to $800,000 for investments in a targeted employment area (TEA), and to $1,050,000 for non-TEA investments
• Alters the definition and method for designating TEAs
• Allows for EB5 investors to submit the I-485 adjustment of status application concurrently with the initial I-526 petition, if the visa number is immediately available

For EB5 investors who filed prior to this law going into effect, this statute would provide retroactive protections (i.e., the changes included in the bill, such as the increase in the investment requirements, would not apply to EB5 petitions filed before the law goes into effect). Assuming the law is passed, the U.S. Citizenship and Immigration Services (USCIS) would resume processing the pending I-526 and I-485 applications that had remained on hold due to the lapse in authorization of the regional center program. Similarly, U.S. consulates would resume adjudicating those cases filed for consular processing.

Conclusion

Funding for the federal government is currently scheduled to expire at midnight on Friday, June 11, 2022. Congress is expected to pass a stop-gap bill that will fund the government through March 15, 2022. This should give both the House and Senate sufficient time to pass the bill and send it to President Biden’s desk for signature by March 15.

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