Project update – All Points North (APN)
Construction completion guarantee
APN has issued a construction completion guarantee for the $124m expansion project of their world leading facility outside Vail, Colorado. Governed by Delaware law, the agreement is signed by the CEO, Noah Nordheimer, providing investors with added confidence that the project will meet the EB-5 program’s job creation and investment requirements.
Concurrent filing benefits
We are very pleased to announce that one of our early investors in APN recently received Employment Authorization (EAD) and Advance Parole (AP), based on their pending EB-5 petition, in just 142 days. This is a significant advantage for EB-5 investors who are already in the U.S. on a valid visa, as it allows them to work legally and travel internationally while awaiting their green card.
However, it’s important to note that this critical benefit is only available while EB-5 visa categories remain current, meaning applicants can file for concurrent Adjustment of Status (AOS) along with their I-526E petition. Once Final Action Dates are imposed for certain countries, the ability to file for AOS – and by extension, EAD and AP – will no longer be an option.
For investors currently considering an EB-5 investment, this represents a unique window of opportunity to secure work and travel benefits while their green card application is in process.
EB-5 News
Developers still seeking EB-5 Capital, but project filings are slowing
USCIS data on Form I-956F filings (the project application form) shows that EB-5 investment remains in high demand, with 240 project applications submitted in FY2024—a 30% increase from last year. This surge reflects developers’ continued interest in launching new EB-5 projects to meet growing investor demand.
However, a closer look at quarterly trends reveal a slowdown, with just 22 applications filed in Q4, down from 88 in Q2. Rather than signaling reduced interest, this likely reflects a more strategic approach from regional centers and developers, focusing on larger, well-structured projects that align with investor demand.
Processing times have improved
There has been a significant improvement in I-956F adjudications. USCIS processed 307 applications in FY2024, a remarkable jump from just 12 completions in FY2023. This acceleration has led to substantially reduced processing times, dropping from over 11 months in FY2023 to just 6 months by Q4 FY2024.
For investors and project sponsors, this is a welcome change, as quicker approvals mean faster movement through the EB-5 process.
But approval rates have declined
Despite faster processing times, the approval rate for I-956F applications has declined in recent quarters, decreasing from 86% in Q2 to 79% in Q4, FY2024. Based on the latest statistics, the overall approval rate for I-956F applications since the enactment of the Reform and Integrity Act of 2022 (RIA), is estimated to be approximately 81%.
With approximately 1 in 5 projects getting denied, investors should be particularly cautious about committing to an EB-5 project without an I-956F approval, especially as Final Action Dates will eventually be imposed, potentially eliminating the ability to file for adjustment of status concurrently. Selecting projects that have already secured I-956F approvals will be crucial in mitigating risks.
EB5 Coast to Coast maintains a 100% approval track record
As a leading sponsor of EB-5 projects, EB5 Coast to Coast remains committed to upholding the highest standards for regional center compliance. Through the end of 2024 we filed 48 post RIA I-956F applications on behalf of our sponsored projects – with zero denials. Our rigorous pre-filing due diligence process ensures that every project we sponsor meets the requirements under the RIA, maximizing the likelihood of approval and safeguarding investor interests.
Team Travels
In the coming month, Q Sadriu will is visiting Istanbul, Mexico, and Colombia to meet with prospective investors and agents. Meanwhile, Carel van der Merwe will join the IIUSA roadshow in Brazil, and Harry Rhee will participate in a Chinese immigration summit in Xiamen. If you would like to meet us during these events, don’t hesitate to reach out.
