In quick summary, the reauthorization contains the following provisions:
- The EB-5 Regional Center program was reauthorized as amended on March 15, 2022 effective on various dates and will be in effect through September 30, 2027. USCIS will issue additional guidance shortly.
- The investment amounts will increase to $800,000 for a targeted employment area (TEA) and infrastructure investments and $1,050,000 for a non-TEA investment, which will be effective immediately upon passage of the bill and which will also apply to “direct” non-Regional Center investments;
- TEAs will be defined in three ways: (a) a rural area; (b) a distressed urban area project; and (c) infrastructure projects;
- Only Department of Homeland Security can designate a TEA, which will be valid for 2 years;
- An investor in a designated unemployment area shall not be required to increase the amount of investment due to the expiration of the designation. An infrastructure project is administered by a governmental entity for maintaining, improving, or constructing a public works project. Only DHS determines whether the investment is in an infrastructure project. Each year 20% of visa are reserved for rural area investments, 10% for high unemployment area investments and 2% for infrastructure projects.
- Job creation via an economic model will change, with new requirements for “direct” jobs;
- Concurrent filing of Form I-485 with, or following the I-526 petition becomes available for those applicants that would have a visa number immediately available upon approval of the 1-526 Petition;
- To satisfy the “at risk” requirement, redeployment of invested funds may occur anywhere in the United States, not just within the Regional Center area; and
- There are a number of important Regional Center reforms affecting ongoing operations of Regional Centers and their owners, which would reform the site visit process as well as the annual compliance process on Form I -924A.
Updated 3/30/22 derived from AILA Doc. No. 22030904 1 Dated March 9, 2022