On the evening of September 1, 2022, U.S. Federal District Court Judge Vince Chhabria approved the settlement of two cases, EB5 Capital et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.)and Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.). IIUSA is proud to have served its members and the EB-5 industry as a plaintiff in the litigation along with six EB-5 regional center operators: EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center, and Behring Regional Center.
Judge Chhabria approved the stipulation and settlement while retaining jurisdiction during the implementation of the settlement as agreed to by all parties. The settlement allows previously designated regional centers to maintain their designation and ability to conduct business and provides for certain streamlined processes to allow investors to file their I-526E forms with minimum delay. Regional centers may now move forward with projects that will positively impact economically distressed communities and create American jobs.
Key stipulations of the settlement – which can be read in its entirety here – are as follows:
- Previously authorized regional centers retain their authorization;
- Previously authorized regional centers must file a Form I-956 (or an already filed 956 will meet this requirement) by December 29, 2022, along with the filing fee to maintain 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;
- If, after filing a form i-956F, a regional center does not receive a formal receipt notice within ten calendar days of delivery to USCIS, an investor may use other forms of proof of the I-956F filing in their I-526E petition, such as a lock box receipt, cashed check or credit card charge provided by the regional center to the investor;
- The failure of a previously approved regional center to file a Form I-956 application or amendment will not standing alone, be a basis for USCIS to deny an investor’s I-526 or I-829 petition;
- USCIS will update its website, forms, and instructions to conform to the terms of the settlement agreement.