EB5 Capital is pleased to announce that it recently received three Form I-956F approvals from the United States Citizenship and Immigration Services (USCIS) in the same week. On November 20, 2023, 1800 Half Street (JF29) and Takoma Park (JF30), both multifamily apartment projects in Washington, DC, were approved after pending for 15 months. Then, on November 22, 2023, SF Gateway Marriott (JF27), a 164-key Residence Inn by Marriott in Millbrae, California, was successfully approved after pending for 16 months. All three projects are located in High Unemployment Targeted Employment Areas (TEA).
Form I-956F is a new petition introduced by USCIS following the passage of the EB-5 Reform and Integrity Act of 2022 (RIA). Under the RIA, Regional Centers are required to file Form I-956F petitions for every investment offering prior to the filing of individual I-526E investor petitions. It also signifies that USCIS, the government agency that oversees EB-5 program compliance, has assessed, and verified the compliance of the EB-5 project.
“This is very exciting news and a major milestone for the investors across these three projects,” said Mariana Gomez, Senior Vice President of Corporate Communications and Operations. “Since these I-956Fs are approved, we can anticipate individual I-526E petitions to follow, which would allow these investors and their immediate family members to move towards conditional permanent residency. In addition, these post-RIA investors, in principle, should also receive I-526E approvals based solely on their investor-specific documents since their projects have already been vetted.”
Since the RIA passed last year, EB5 Capital has raised EB-5 funds for 11 projects across seven states and the District of Columbia. JF27 and JF29 include a combination of investors who filed both before and after the enactment of the RIA; JF30 was fully raised post RIA. The EB5 Capital team looks forward to receiving additional approvals across its portfolio in the near future.