Rocky River’s I-956F approval means that USCIS has reviewed the project documents of this compelling rural EB-5 project and found them to comply with the EB-5 program.
Download Form I-956F Exemplar Approval Notice
This article explains what I-956F approval is, why it is significant, and what it means for investors in Rocky River.
What Is Form I-956F Approval?
Why Is I-956F Approval Important?
What Does I-956F Approval Mean for Investors in Rocky River?
- USCIS Accepted Rocky River’s Rural TEA Status
- USCIS Agreed with the Project’s Job Creation Numbers
- USCIS Agreed with the Project’s Loan Repayment Guaranty
- Rocky River EB-5 Investors Will Enjoy Faster Petition Processing
Rocky River Is Open to EB-5 Investors
What Is Form I-956F Approval?
Under the EB-5 Reform and Integrity Act of 2022 (RIA), every project must submit Form I-956F. This form is filed by the project’s regional center sponsor and must be submitted before EB-5 investors can file their Form I-526E applications.
Form I-956F gives USCIS key information about an EB-5 project. Among other details, the application provides the following:
- project location
- qualification for targeted employment area (TEA) status
- expected amount of EB-5 capital to be invested
- entities involved in the project
- developer
- operator
- regional center
- fund administrator
- marketing representatives
- information on those who have authority to make decisions about EB-5 funds
- industries impacted by the project
- estimated number of EB-5 jobs to be created
Why Is I-956F Approval Important?
Approval of a project’s Form I-956F application is needed for an EB-5 project to succeed. If the application is denied, EB-5 investors will not be eligible for permanent Green Cards. Regional centers with strong track records of success should know how to structure a compliant EB-5 project. As a result, they should have no real trouble obtaining Form I-956F approval.
Until a formal approval notice is issued, however, some uncertainty remains. No matter how strong its track record is, a regional center cannot guaranty that USCIS will approve a project’s Form I-956F.
Investors do not need to wait for the project to have Form I-956F approval to invest in a project and file their Form I-526E applications. EB-5 investors may invest in a project as soon as it has filed Form I-956F with USCIS. If an EB-5 investor chooses to invest in a project before Form I-956F is approved, he or she is relying on the experience and track record of the regional center.
But once USCIS approves a project’s Form I-956F application, all doubt about whether the project will be approved is gone. Form I-956F approval means USCIS has examined the project’s details and found the project to be compliant with the EB-5 program.
What specifically does Form I-956F approval mean? It means that USCIS has reviewed and accepted the following key project details:
- EB-5 investment structure of the project
- investment security, such as a loan repayment guaranty
- EB-5 eligible job calculation from the economic report
- TEA status of the project location
By approving a project’s Form I-956F, USCIS is, in effect, pre-approving these same details for the project’s EB-5 investors, too. For a project with Form I-956F approval, its EB-5 investors can expect their Form I-526E applications to be approved as long as their personal qualifications are accepted by USCIS. So, if an investor can prove a legal source of funds and is admissible into the United States, he or she should receive Form I-526E approval and a Green Card. And since all of the project’s details have already been reviewed by USCIS, adjudication times for investor petitions are likely to be faster.
What Does I-956F Approval Mean for Investors in Rocky River?
Rocky River is a compelling rural TEA project with many safety features. By approving the project’s Form I-956F, USCIS has reviewed and approved each feature of Rocky River.
USCIS Accepted Rocky River’s Rural TEA Status
By approving the project’s Form I-956F, USCIS has agreed that Rocky River is in a rural TEA. The project’s investors can invest their $800,000 with confidence, knowing that because the project is in a rural TEA, an $800,000 investment qualifies them for an EB-5 visa.
With rural TEA status confirmed by USCIS, EB-5 investors can also have confidence that their Form I-526E applications will receive priority processing. This benefit, given only to rural TEA investors, results in far shorter wait times for Green Cards.
Furthermore, USCIS approval means that EB-5 investors in this project have access to the rural set-aside EB-5 visa category. The rural set aside makes up 20% of all EB-5 visas each year. The rural category is current for all countries.
USCIS Agreed with the Project’s Job Creation Numbers
Rocky River is a major development project. Ultimately, the project is expected to create 7,020 jobs.
The project calculates job creation through an econometric methodology called RIMS II. The number of jobs created by the project is based on construction spending and operating revenue. With Form I-956F approved for Rocky River, USCIS has agreed with the project’s job creation numbers.
USCIS will not adjudicate the actual job creation of the project for an EB-5 investor until he or she files Form I-829. This form is used to remove the conditions from an investor’s temporary Green Card and is not filed until the end of the EB-5 process.
USCIS Agreed with the Project’s Loan Repayment Guaranty
By approving the project’s Form I-956F, USCIS has agreed that the loan repayment guaranty is EB-5 compliant. Rocky River features a loan repayment guaranty from a well-capitalized, diversified Kolter parent company. This guaranty covers the entire balance of the loan.
Loan repayment guaranties are rare, but they significantly reduce financial risk for EB-5 investors.
Rocky River EB-5 Investors Will Enjoy Faster Petition Processing
With the project’s Form I-956F approved, its EB-5 investors will now enjoy faster Form I-526E adjudication. All of the project’s details have been accepted by USCIS. When an EB-5 investor in this project submits Form I-526E, the USCIS adjudicator will defer to the project’s Form I-956F approval, meaning he or she will not have to revisit the project documentation. Instead, the adjudicator will focus on the individual investor’s specific immigrant petition.
Rocky River Is Open to EB-5 Investors
This best-in-class project is an excellent option for investors seeking a high-quality, low-risk rural EB-5 investment. Rocky River follows 13 prior Cresswind community developments across the southeastern United States. One such community, Twin Lakes Georgia, is a highly successful EB-5 project sponsored by EB5AN. Twin Lakes has received five Form I-956F approvals and over 100 investor I-526E approvals. The Rocky River EB-5 project is nearly identical to the Twin Lakes Georgia project.
Rocky River is a popular rural EB-5 investment project, and limited investment slots remain available. All investment slots are expected to be sold soon.
Schedule a one-on-one call today for more information and to learn how you can make an EB-5 investment in the Rocky River rural EB-5 project.
