ABOUT US | 562-449-0139
Many Investors incorrectly believe they should only consider investing in projects with approved I-956Fs.
While this has become a sacrosanct notion of how to assess the potential success of a given EB-5 project, this is based on the faulty assumption that an I-956F approval equates to project success.
With I-956F processing times recently increasing, there are scant approved projects for investors to choose from, and they may have to consider projects without an approved I-956F. However, working with trusted advisors and conducting an adequate level of due diligence can allow investors to move confidently forward even before I-956F approval.
In many cases, projects awaiting approval may be stronger in the long term than others with an approval in place.
Form I-956F: Legal Authorities and Process
In implementing the RIA, USCIS introduced a suite of new forms, including Form I-956F, Application for Approval of an Investment in a Commercial Enterprise. According to USCIS, a designated regional center uses this form to request approval of each particular investment offering through an associated new commercial enterprise.
Essentially formalizing the pre-RIA exemplar process, the I-956F ensures that all project-related materials and issues are submitted to USCIS to eliminate discrepancies in project information across petitions, and so that adjudication of the investor petition can focus solely on the source of funds and other issues related to the investor.
All project requirements are adjudicated through the I-956F filing, and “[a]pproval of Form I-956F…is generally binding for the adjudication of associated petitions.” (USCIS Policy Manual, Chapter 5 – Project Applications)
Notably, the RIA (codified in the INA at 203(b)(5)(F)) requires that a regional center “file an application with the Secretary of Homeland Security for each particular investment offering through an associated new commercial enterprise before any [investor] files a petition…”
The statute does not require that DHS/USCIS approve the I-956F prior to approval of an investor petition; that requirement comes from Chapter 3 of the USCIS Policy Manual:
For petitions filed on or after May 14, 2022, the investor can only file Form I-526E after the regional center files the Application for Approval of an Investment in a Commercial Enterprise (Form I-956F) (project application).[5] The investor may file Form I-526E while the project application remains pending. However, USCIS does not make a final decision on a regional center investor’s immigrant visa petition until USCIS makes a final decision on the regional center’s associated project application. (emphasis added).
Congressional staff drafting the RIA were acutely aware that if USCIS did not timely adjudicate I-956Fs, projects and investor petitions should not be prevented from moving forward. I know because I was serving as Chief Counsel for the Democrats for the House immigration subcommittee and was involved in the bipartisan, bicameral drafting of this provision.
Since the RIA did not include such a condition, the I-956F approval requirement may be ultra vires.
Indeed, recent lengthier processing times for I-956Fs have delayed projects and led to regional centers resorting to mandamus actions seeking speedier adjudication timelines.
This is because many investors have been demanding an approved I-956F before fully committing to a given project. The concerns congressional staff drafting the RIA had about agency adjudication efficiency are unfortunately coming true.
It is important to note, however, that an investor can commit to a project and even file an I-526E before the I-956F is approved.
Recent USCIS Inventory Management Announcement
USCIS recently published a Q&A mapping out their plan to implement a FIFO-based approach to I-526E rural and high unemployment area (HUA) adjudications, meaning the I-526E time of filing now carries additional weight. In the new announcement USCIS explains:
Effective March 30, 2026, we will generally assign Form I-526 and Form I-526E under a first in, first out (FIFO) approach that seeks to balance these considerations by:
- Assigning Form I-526E petitions for review after we make official decisions on the associated Form I-956F;
- Assigning Form I-526E rural petitions by a FIFO approach as priority for anticipated fiscal year rural visa usage; and
- Assigning other Form I-526E and post-RIA Form I-526 petitions by a FIFO approach after the Form I-526E rural queue is empty or when we determine we have made decisions on enough petitions from that queue.
Locking in your place in line may be even more important than before.
I-956F Approval Does Not Guarantee Success
Notwithstanding the importance of the I-956F in the EB-5 adjudications process, approval of the project application in no way means that it will be a successful project or guarantees that investors will be repaid.
The I-956F filing must include a “credible economic analysis regarding estimated job creation that is based upon economically and statistically valid and transparent methodologies” (USCIS Policy Manual, Chapter 5 – Project Application, B(3)), but that does not mean that jobs will actually be created such that approval of the Form I-829 to remove conditions on permanent resident status is assured.
USCIS adjudicates most applications and petitions, including the I-956F and the questions of job creation and capital at risk at the preponderance of the evidence standard (greater than 50% chance), which allows projects with issues to move forward and leaves substantial room for potential failure.
Therefore, I-956F approval, while important for the immigration process, is not a definite measure of future success.
The critical points—job creation, prospects for project repayment, and others—require due diligence review by broker-dealers or investors. Only by ascertaining the track record of the regional center management and a careful examination of the project specifics can an investor gain some measure of confidence that they will get their money back and a green card.
Conclusion
Almost every day, investors or their representatives relay that they will only invest in a 956F-approved project. While this posture may work during a period of adjudication efficiency, the current climate may demand making project selections without an I-924F approval in hand.
However, with the right level of due diligence, investors will find that the I-924F approval is form over substance.
Gary N. Merson – President
Gary N. Merson is the President of ALC, bringing more than 25 years of experience in U.S. immigration law, policy, and compliance. He most recently served as Chief of Staff at the Office of the Citizenship and Immigration Services Ombudsman within the U.S. Department of Homeland Security and previously contributed to bipartisan EB-5 reform efforts as Chief Counsel for the House Judiciary Committee’s immigration subcommittee. His leadership reflects deep expertise in EB-5 policy and stakeholder engagement.
About American Lending Center:
American Lending Center (ALC) is a private, non-bank lender committed to advancing US economic growth and job creation. Headquartered in Irvine, California, ALC operates 14 USCIS-designated regional centers spanning the continental United States and Hawaii. Since 2009, ALC has deployed more than $2.3 billion in financing, supporting thousands of businesses nationwide and contributing to the creation and retention of over 140,000 jobs. ALC is committed to Immigrant First Investing.
Follow American Lending Center on LinkedIn, Facebook, Twitter, and YouTube.