We are pleased to hear the news of the USCIS class action settlement between various industry groups and the United States Citizenship and Immigration Services. The key takeaway from the settlement is that previously authorized regional centers may now operate in the EB-5 program without seeking reauthorization, safeguarding EB-5 investors.
In March, a new deal was made to reauthorize the regional center initiative, which increased the minimum investment to $800,000 from $500,000 in high unemployment regions. Other areas require a minimum investment of $1.05 million. The reinstatement of the program was a relief to the EB-5 industry. However, the USCIS stated that the act deauthorized previously approved regional centers. This update from USCIS caused problems for EB-5 regional centers and investors alike, which caused EB-5 groups to pursue litigation.
Below are the key points from the settlement:
- Previously approved and authorized regional centers will retain their authorization;
- Previously authorized regional centers need not wait for approval of their Form I-956 to file and receive adjudications from USCIS;
- Previously authorized regional centers may immediately file project applications;
- Investors may utilize additional documentation of the I-956F filing (such as a receipt for a lock box, a cashed check, or a credit card charge;) in their I-526E petition if a regional center does not give them a formal receipt notification following the filing of a form within ten calendar days of delivery to USCIS.
- USCIS will not, on its own, reject an investor’s I-526 or I-829 petition if a previously approved regional center fails to submit a Form I-956 application or revision;
- USCIS will update its website, forms, and instructions to comply with the terms of the settlement agreement.
USCIS will update its website, forms, and instructions to comply with the terms of the settlement agreement. Continental Regional Center will submit the I-956 form and filing fee to meet the above requirements by December 29, 2022.
CED Won Community Business Member of the Year
Moreno Valley grew immensely in the last year, and Continental East Development, Inc. (CED) is proud to be adding to the city landscape and delivering much-needed housing. On August 18, 2022, CED attended Moreno Valley’s annual State of the City address. This event highlighted the growth of the city, various programs, outstanding work by community members, and what to expect in the upcoming year.
CED was among several people and organizations highlighted during the afternoon. Mayor Yxstian Gutierrez and Master of Ceremonies Marc Lyncheski presented CED with the Community Business Member of the Year award in recognition of our Continental Villages master plan. Marc described our projects as exciting and sought after before bringing President Al Rattan on stage to accept the award.
Al thanked the mayor, city manager, and staff for the honor. “I’ve never seen a city that’s transformed like this, and it’s been a pleasure to be involved with it,” Al said. “Thank you for allowing us to be part of the community.”
CED is honored to receive the Community Business Member of the Year award. We look forward to the continued growth in Moreno Valley and growing with the city.