Last Thursday (5/9), IIUSA sent a letter to the White House regarding the EB-5 processing backlog and its stifling effect on EB-5 capital formation and job creation to draw attention from the Executive Branch on the severity of this issue. IIUSA shared its experiences attempting numerous communications with USCIS to determine the cause of these adjudication delays and have not received any indication for the delays or if there is any affirmative action taking place to address this situation. “Members of Congress, states, cities and local communities have been meeting with USCIS and requesting information on the delays from USICS with no substantive answers and are very worried about the projects and jobs in their communities not coming to fruition.”
IIUSA provided the White House with a copy of the letter to USCIS Alejandro Mayorkas concerning the processing backlog and its detrimental impact on the success of the EB-5 Program as well as notified them of the staggering 7,000 pending I-526 petitions which are backlogged at USCIS, awaiting adjudication. This kind of inefficiency and unpredictability in processing times is leading to negative consequences for the Program and causing foreign investors and job-creating businesses in the U.S. to lose confidence in the Program. At the current processing rate, it may take years to process this backlog of petitions, which would be extremely detrimental to the success of the Program at a time when it is peaking in economic growth and regional development nationwide.
Lastly, IIUSA emphasized that our members are committed to working with USCIS to address this delay and offer any support and resources necessary to assist in the adjudications process. We encouraged the White House to work with USCIS to put measures in place to advance a swift solution to the backlog so that capital formation can continue at a steady progressive rate and job creation can flourish. The letter was also sent to Judiciary Committee leadership in both chambers of Congress and USCIS Director Mayorkas.
CLICK HERE TO VIEW A COPY OF IIUSA’s LETTER TO THE WHITE HOUSE
