On March 15, 2022, President Biden signed into law the 'Consolidated Appropriations Act, 2022' which included the ‘EB-5 Reform and Integrity Act of 2022’
Some major changes include:
• Reauthorizes and extends the RC Program to September 30, 2027. • Increases the minimum investment amount for Targeted Employment Areas (TEAs) from $500,000 to $800,000.
• Increases the standard (non-TEA) minimum investment amount from $1 million to $1,050,000. • High unemployment TEAs are now determined only by USCIS (No more state letters).
• Grandfathering Protections - maintains eligibility of all pre-enactment investors, as of when they filed their I-526, for both I-526 and I-829 processing.
• Authorizes Concurrent I-485 Adjustment of Status filings for pending and approved I526 Petitions as well providing 245(k) protections.
• Creates new visa set asides for certain types of projects (rural / high unemployment / infrastructure).
• Establishes new reporting and disclosure requirements by RCs to both USCIS and sponsored investors.
This is welcomed news to many whom were waiting on the return of this Program since its sunsetting in mid 2021. The Program will start 60 days after signing and we at IKS are watching this event closely for any Future Developments.