U.S. Congress Issues Letter to USCIS Clarifying Immediate Reauthorization of EB-5 Regional Centers
Today, May 9th, 2022, Congress issued a detailed letter to USCIS clarifying U.S. Congressional intent regarding the 2022 Integrity and Reform Act and the implicit reauthorization of the EB-5 Regional Centers that go with it. Previously, USCIS provided a wrongful interpretation that turned into guidance that due to the new 2022 RIA that EB-5 Regional Centers are no longer designated and need to start over with a brand new designation referred to as a I-956 form. That would then need to follow through with yet another “Project” form that has not been revealed and doesnt even have a form number at this point. The devastating effect to the EB-5 industry is that the 60-day “restart” that Congress allowed USCIS to update their systems and their forms would turn into potentially a 2-3 year wait or more.
Behring Regional Center saw this as a potentially lethal attack on EB-5 investment, the EB-5 regional center and patient investors that waited over 9-months for a painful reauthorization process to conclude and immediately filed a lawsuit contesting USCIS interpretation of the language and the effort to decertify all existing EB-5 Regional Centers and make them start over through a new designation process (I-956).
With this letter from Congress, the question of what the clear congressional intent behind the law (2022 RIA) as well as any question as to whether Regional Centers were meant to redesignate has been answered. Behring is due in Court with USCIS to discuss this very matter on May 10, 2022
See the letter below:
This post will be updated with information as it comes.