Regional Center Lawsuits Receive Favorable Preliminary Injunction Ordering the Immediate Start of the EB-5 Regional Center Program
WASHINGTON, June 29, 2022 /PRNewswire/ -- Effective June 23, 2022, The Federal Court for the Northern District of California granted and ordered USCIS to stop treating formerly deauthorized designated regional centers as such and they must be permitted to operate. A final judgement affirming the ruling is expected soon.
Soon after the recent Congressional reauthorization of the EB-5 Regional Center Program, USCIS introduced a requirement for existing regional centers to go through a re-application process in order to continue to operate as a functioning regional center. This resulted in two lawsuits that challenged the revised EB-5 reform that specifically counter the new regional center requirements and associated fees. The first lawsuit, filed by Behring Regional Center challenged the requirements by USCIS to redesignate regional centers and as of June 23rd, 2022, this lawsuit received the favorable preliminary injunction ordering the immediate start of the EB-5 Regional Center Program.
Nick Mastroianni II, Chairman of U.S. Immigration Fund commented on the preliminary ruling: "We are grateful on behalf of our existing and future investors that these redesignation requirements for previously designated regional centers have been overturned." He continued, "despite the recent action by USCIS, our regional center is now ready and able to process new I-526 petitions from new immigrant investors."
Contact USIF now to learn more about EB-5 with link to here: https://visaeb-5.com/thank-interest-us-immigration-fund/
Former Congressman Ron Klein of Holland & Knight, who worked with U.S. Immigration Fund, expressed his appreciation to Mr. Mastroianni for his assistance in helping pass the legislation. He noted that "U.S. Immigration Fund played an integral role in using its experience as longtime successful regional center owners to work with Congress to improve upon and make the program more accessible.
Here's how the preliminary order updates the EB-5 Regional Center Program:
I-526 Petitions can be filed immediately and benefit early investors – provided there is a filed business plan. Previously implemented I-956 forms are no longer required. Regional Centers such as USIF is now re-designated as an authorized EB-5 regional center and projects with USCIS I-924 exemplar approval and availability to accept new investors can adjudicate new EB-5 investor I-526 petitions.
Concurrent Filing of I-526 & I-485 (Application for adjustment of status). At the I-526 stage the investor may be "in the process of investing". Investors can also file I-526 and I-485 concurrently – they can live and work in USA at time of filing and once the "process of investing" is complete. The ability to concurrently file can enable investors that are already in the U.S. to immediately update their status to "pending adjustment' which would qualify them to live, work and go to school anywhere in the United States while waiting for EB-5 approval.
Regional Centers such as USIF will remain operational and will continue to monitor the situation. USIF will remain open and operational until a final judgement is made. We will keep our investors apprised to any new updates and will be ready to comply and adapt if needed. To learn more about working with an experienced EB-5 Regional Center such as USIF click here.
USIF is comprised of a team of industry experts with 50+ years of collective real-estate development, finance, banking, and legal experience. Our team has been touted for successfully raising large-scale funds and being instrumental to the success of some of the most recognizable investment projects across the globe. USIF became "the first" regional center to be recognized by 18 major financial institutions including J.P. Morgan, Wells Fargo & BlackRock. To get in touch with our team, please reach out to us at info@usifund.com
Contact: info@usifund.com
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