USCIS Approves 10 Investor I-526 Petitions in Just 2 Days for Behring’s Legacy Fund

March 6th, 2024 Kyle Behring

EB-5 approvals are rolling in as USCIS continues to validate Behring’s innovative Legacy Fund approving 10 EB-5 investors in just 2 days from India, Germany, and Hong Kong. Several of these I-526 petitions were filed prior to the November 2019 deadline while funding as low as 10% of the capital requirement using Behring’s partial payment plans. Without RFE. Once again demonstrating Behring’s leadership in offering investors flexible solutions to EB-5.

The Legacy Fund has become an industry leading choice, enabling EB-5 investors to make preferred and common equity investments – similarly found in private real estate funds – while also qualifying for the EB-5 visa. Launched in 2018, Behring’s Legacy Fund features the ability for EB-5 investors to blend their investments and customize their own risk and return profile targeting private equity returns and invest in institutional quality multifamily apartment investments in the Bay Area.

USCIS Batch Processing In Effect

In July 2023, USCIS announced an update to its “visa availability” approach to processing I-526 petitions. The visa availability approach to processing EB5 petitions entails 3 queues: first, USCIS processes petitions only if a visa is available or will be available soon; second, if the underlying project as already been reviewed; and three, first-in, first-out based on priority date.

Effective as of July 2023, to promote greater efficiency in processing pre-RIA petitions, USCIS groups the petitions in the third queue by New Commercial Enterprise (or NCE) and is processed by the same adjudicator(s) rather than being assigned round robin. Having the same adjudicator focus on a single NCE with the same offering documents, business plan, and economic impact analysis, he or she can quickly focus on EB-5 investors’ source of funds reports, often filed by the same EB-5 attorney.

In just 2 days, Behring’s Legacy Fund investors in our 1900 Broadway had 10 Investor I-526 petitions approved with priority dates between October 3, 2019 to November 20, 2019. Most of these petitions were investors from India as the preferred and common equity options were heavily favored versus typical debt plans.

Pre-RIA India Investor Petitions Obtaining USCIS Approval

According to the March 2024 Visa Bulletin, India is retrogressed for the Unreserved EB-5 Visa only.  Per Chart A, the Final Action Date (FAD) is December 1, 2020. This is significant progress because FADs have advanced 2 years since the beginning of FY2024 October 2023. Importantly, Behring is receiving I-526 approvals for Indian investors that filed pre-RIA in November 2019. This is the last major rush of EB-5 filings before the now-vacated EB-5 Modernization Rule took effect, and the EB-5 Program essentially stopped until Behring successfully sued USCIS and revived the EB-5 Program in June 2021.

If USCIS continues to process pre-RIA India EB-5 petitions and avoid visa waste, then it may be on track to advance FADs to April 1, 2022, which is reflected in Chart B, Dates for Filing. Chart B is where the Department of State estimates Chart A – Final Action Dates will be in approximately 12 months. When – not if – the State Department moves Unreserved India visa dates into the Post-RIA calendar, investors in the High Unemployment Area visa set aside projects who were born in India will have access to additional visas in multiples above the apparent 10% limitation of the set-aside category.

Register for Behring’s upcoming webinar discussing recent EB-5 filing numbers and what it means to post-RIA investors.

Behring’s RISE Fund Already Cash Flowing

Our RISE Fund offers EB-5 investors diversification for their EB-5 investments – something unparalleled in today’s market. The EB-5 loan to the project is spread across several residential apartment buildings, including student housing for UC Berkeley students. These EB-5 properties are smaller, simpler and quicker to build and are quicker to cash flow. The first RISE asset to be completed is already 60% leased in just 3 months. Two more assets are scheduled to be completed in the coming month and have begun preleasing.

New Legacy Fund investors can participate in a project that is already creating EB-5 jobs and cash flowing with initial rents. RISE Fund offers Legacy Fund preferred equity investment option, which offers the opportunity for higher fixed returns while enjoying priority in repayment over the project developer.

Schedule a Call with Behring’s Team of EB-5 Experts to Get Started Today

If you would like to speak to a Behring team member about how you may qualify for a partial payment plan and file before the April 1st fee increase, click here to schedule an appointment or click the image below.

Download the RISE Fund Investor Presentation

RISE Deck Cover - 14 Assets
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