The EB-5 Regional Center Program (the “Program”) expired on June 30, 2021. Since then, there have been multiple efforts to reauthorize the Program. The next opportunity to reauthorize the Program is at the end of the current Continuing Resolution (“CR”), which expires on February 18, 2022, by attaching it to the FY 2022 omnibus appropriations bill. It is still unclear whether or not the Program will be reauthorized by that date. Reauthorization depends largely on two factors: whether the omnibus bill will be passed then; and, whether EB-5 legislation will be ready to attach to this new spending package. The good news is that, as of now, congressional leaders from both parties are making progress on both the new omnibus bill and the Program’s reauthorization bill. Depending on the progress made on the omnibus, we may see another short-term CR.
During the Program’s expiration, I-829 petitions continue to be processed. I-526 and I‑485 petitions have been kept on hold. The latest alert from the USCIS website shows there is no status change on these petitions. Additionally, on January 5, 2022, USCIS dismissed its own appeal in the Behring Regional Center lawsuit, which will keep the $500,000 USD TEA investment amount intact for now.
We continue to be highly optimistic that there will be reauthorization soon – it is just a question of when. We are also equally optimistic that legacy language will be included that will protect any existing investor who filed their I-526 petition prior to the Program sunset. We understand this delay impacts many of our investor families in various ways – children starting school, age-out situations as children approach 21, work authorizations, etc. – and we are doing everything in our power to effectuate this reauthorization. We have also been preparing for the possibility of litigation if this delay continues longer, and we will keep you apprised of this along the way.
VNIS Investment
