USCIS Surprises Behring with I-924 Exemplar Approval for BRC’s Legacy Fund
Another surprise emerged from Behring’s current lawsuit to stop USCIS’s deauthorization of EB-5 regional centers. Unbeknownst to Behring Regional Center, USCIS approved the I-924 exemplar for Behring’s Legacy Fund on April 1, 2021. Neither Behring Regional Center nor its counsel received notice of the I-924 exemplar approval.
Behring investors already received I-526 approval for Behring’s Legacy Fund as early as February 28, 2021. Behring investors continue to obtain I-526 approvals for their investments in the Legacy Fund as recently as May 16, 2022.
Behring’s Legacy Fund offers EB-5 investors greater flexibility in investment terms, offering both preferred equity and common equity options to invest in institutional quality assets in the Bay Area. Legacy investors enjoy the opportunity to generate long-term wealth while maintaining eligibility for the EB-5 green card.
Confirmation of USCIS I-924 exemplar approval of Behring’s Legacy Fund is very important because under the EB-5 Integrity and Reform Act, passed in March 2022, prior approved I-924 exemplars – even those business plans approved prior to the RIA’s enactment – are binding on the adjudication of new I-526 petitions under Section 203(b)(5)(F)(ii) of the Act (absent fraud, material change, etc.).