Wohali Utah Rural EB-5 Project Receives Form I-956F Exemplar Approval from USCIS

Summary of Form I-956F

Under the EB-5 Reform and Integrity Act of 2022 (RIA), EB-5 projects must file a Form I-956F project application. The main purpose of Form I-956F is to give USCIS the information it needs to determine whether a project qualifies under the EB-5 program. The application describes the project in detail.

Form I-956F requests basic project information: what the project is, its location, its cost, etc. The form also asks how much funding is expected to come from EB-5 investors. If the project is believed to be in a targeted employment area (TEA), the application must include supporting documents.

The application must also indicate what companies are involved in the EB-5 project. These companies include the developer, regional center, fund administrator, and others. Background information is required for anyone with substantial authority over EB-5 funds.

Form I-956F also requests information on the industries the project will impact and the number of jobs it is expected to create.

Once this form is filed, EB-5 investors can submit their Form I-526E immigrant petitions. Form I-956F approval indicates that the project complies with the EB-5 program. If USCIS does not approve Form I-956F, the project is not compliant and all EB-5 investors in the project will be denied.

Significance of I-956F Approval

EB-5 investors can invest in a project once it files Form I-956F. But until the project application is approved, EB-5 investors face some risk that USCIS may find the project noncompliant. If a regional center has a strong history of project approval, the risk to EB-5 investors is low. But a regional center cannot guaranty that a project’s Form I-956F application will be approved by USCIS.

Even though a number of factors are arguably more important than Form I-956F approval, a project with I-956F approval is less risky than one without it. When USCIS approves Form I-956F, it indicates that the project has been reviewed and found compliant with the EB-5 program.

Form I-956F approval means USCIS has accepted all key elements of a project, which include the following:

• the EB-5 investment structure of the project
• the use of any proposed bridge financing
• investment security, such as a pledge, mortgage, or repayment guaranty
• job creation calculations
• rural or urban TEA designation

When Form I-956F is approved for a project, it means that the project and its related documents are preapproved for EB-5 investors. When reviewing an EB-5 investor’s Form I-526E, USCIS will defer to the Form I-956F approval for the project portion of the I-526E application. With the project already approved, an EB-5 investor’s application must simply show that the investor’s funds were acquired legally and that the investor meets all other criteria for immigration. As a result, once a project’s Form I-956F is approved by USCIS, that project’s EB-5 investors can expect their I-526E applications to be processed relatively quickly.

Benefits of Form I-956F Approval for Wohali Utah

Wohali Utah is a compelling rural TEA project that offers EB-5 investors many unique safety features. Wohali Utah’s I-956F approval means USCIS has reviewed and accepted each of these features.

USCIS Accepted Wohali Utah’s Rural TEA Status

By approving the project’s Form I-956F, USCIS has indicated that it agrees that Wohali Utah is in a rural TEA. This means that the project qualifies for $800,000 EB-5 investments. It also means EB-5 investors will receive priority processing of their I-526E petitions, resulting in a substantially shorter waiting period to receive a Green Card.

For EB-5 investors from China and India, rural TEA designation is particularly valuable. With Wohali Utah’s rural status confirmed, EB-5 investors have access to the rural EB-5 visa set aside category. The rural set aside makes up 20% of all EB-5 visas and is current for all countries. This means that EB-5 investors from China and India face no visa availability backlog for rural EB-5 projects. The rural visa category is expected to remain current for the next several years.

USCIS Agreed with Wohali Utah’s Job Creation Methodology

Wohali Utah is a large single-family home community and golf course. The project involves years of construction activity. Once complete, project spending is expected to create 4,396 jobs. As of September 30, 2023, Wohali Utah has created 574 jobs. Only 990 jobs need to be created to support the maximum number of EB-5 investors in the project.

Jobs are calculated using RIMS II multipliers. By using an econometric model like RIMS II, Wohali Utah can include direct and indirect job creation based on how much money is spent on qualifying costs. With Form I-956F approved for Wohali Utah, USCIS has reviewed the project’s job creation methodology and accepted it as valid.

While 574 jobs have been created by Wohali Utah to date, USCIS will not finally adjudicate actual job creation until EB-5 investors file their Form I-829 applications at the end of the EB-5 immigration process. But with the job creation methodology accepted by USCIS, EB-5 investors in Wohali Utah can have confidence that USCIS will accept the job creation numbers and credit at least 10 jobs to each EB-5 investor, qualifying them for their permanent Green Cards. The approved job creation methodology and job creation to date substantially reduces immigration risk for EB-5 investors in the Wohali Utah project.

USCIS Accepted Wohali Utah’s Guaranties and Loan Security

Wohali Utah offers investors a job creation guaranty and an I-526E approval refund guaranty. The job creation guaranty ensures the developer will spend all EB-5 funds on qualifying expenses. The I-526E approval refund guaranty ensures that if an EB-5 investor is denied, his or her funds will be returned on an accelerated basis. By approving Form I-956F, USCIS has verified that these guaranties are compliant with the EB-5 program.

In addition to these guaranties, Wohali Utah’s EB-5 loan is secured by mortgages on thousands of acres of land. It also has a 100% equity pledge from the development entity. These loan security features have been reviewed and accepted by USCIS.

Wohali Utah’s EB-5 Investors Will Enjoy Faster Petition Processing

With Form I-956F approved by USCIS, Wohali Utah’s EB-5 investors will enjoy a faster path to I-526E petition adjudication. All project details have been reviewed and accepted by USCIS. When an EB-5 investor files Form I-526E, USCIS will defer to the project’s I-956F approval. As a result, the adjudicator will have to review only the individual aspects of the investor’s case.

Wohali Utah: Open to EB-5 Investors but Few Slots Remain

Wohali Utah is a best-in-class rural EB-5 project. As explained above, this project’s rural status, job creation, and security features are all approved by USCIS. Beyond these unique advantages for EB-5 investors, Wohali Utah is, at its core, an excellent development project being built by an experienced team in a proven market.

With its Form I-956F approved, Wohali Utah offers EB-5 investors a low-risk, high quality rural EB-5 project. Wohali Utah is still open to EB-5 investment, but only a few slots remain.

Schedule a one-on-one call now to get more information and learn how to join the Wohali Utah rural EB-5 project.