Project Updates
Here’s a brief recap of our post-RIA projects. Please reach out for more information.
Westover, the addiction treatment center in Morgantown, WV, successfully received a project application (I-956F) approval from USCIS on January 17. This is an important step that significantly decreases the immigration risk for investors. We have 2 slots remaining in this urban TEA project.
Long Prairie’s construction is nearing completion and is on track to open its doors in June of this year. Here’s some recent pictures of the construction progress. This is a rural addiction treatment center in Long Prairie, MN.
All Points North (APN), a leading behavioral health company, is planning a Phase 2 development at its Colorado flagship facility. Currently operating at full capacity, APN is raising EB-5 capital to expand the facility. As a rural investment investors qualify for priority processing and reserved visas.
The company has raised over $65 million from various private equity firms in anticipation of a future sale of the company. In this scenario, the IRR for EB-5 investors will increase significantly. We expect to file the I-956F in April and there are some additional incentives for early investors.
EB-5 Related News
In its 33-year history, EB-5 has faced some challenging times ranging from program shutdowns to fraudulent projects. Read Ron Klasko’s reflection on why we should celebrate the current state of EB-5 and why investors should take advantage of these benefits while they still can.
Thanks to a FOIA request, the American Immigrant Investor Alliance (AIIA) released a very helpful update on EB-5 filings under the RIA through November. It does support the prevalent notion that visa demand in the urban TEA category could exceed supply for several years. This has implications for Chinese and Indian investors and potentially investors from other countries as well. Read IIUSA’s full analysis here.
The filing fee increases on April 1 was no April fools joke. The I-526E filing fee increased to $11,160, representing an increase of nearly $7,500. New projects entering the market also face a substantial hike in their project application fee (I-956F) to $47,695, a jump of almost $30,000. In response, AIIA filed a lawsuit arguing that the fee increases are an unfair burden on EB-5 stakeholders.
Separately, Invest in the USA (IIUSA), an organization that represents regional centers, filed a lawsuit against USCIS to establish a 5 year sustainment period, instead of the current 2 years. IIUSA argues that the 2 year sustainment period misinterprets Congressional intent under the RIA and limits the projects ability to create jobs. You can read more on that here.
Team Update
We recently attended IIUSA events in Colombia and Peru, as well as events in Hangzhou, China and HCMC, Vietnam. We’ll be visiting Dubai in April. Please reach out if you’d like to meet.
