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EB-5 Immigrant Investor Program Revitalization: New Options for Commercial Real Estate Developers

EB-5 Reform and Integrity Act of 2022

Recording of a 90-minute premium CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, February 16, 2023

Recorded event now available

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This CLE webinar will provide real estate counsel with an overview of the recent significant changes to the Immigrant Investor Program (EB-5 program) with the passage of the Reform and Integrity Act of 2022 (RIA), which is part of the Consolidated Appropriations Act of 2022. The panel will highlight how the major changes impact commercial real estate developers and entrepreneurs in funding and maximizing benefits for new capital projects and other issues that may arise from current EB-5 program participation.


The EB-5 program was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. As part of the program, foreign nationals put up capital for U.S. investment in exchange for lawful permanent residence. After years of being sidelined, the EB-5 program is back largely due to the recent enactment of RIA and its sweeping changes to the EB-5 program.

The new EB-5 landscape not only revitalizes the EB-5 program but also reauthorizes the lapsed Regional Center (RC) Program, an essential component of the program's future success. RCs are designated by U.S. Citizenship and Immigration Services and offer benefits to both real estate developers and investors seeking capital. It is estimated that virtually all successful funding has been handled by the top 10 percent of RCs. RIA significantly increases the legal liability and responsibility of RCs and investors with new rules governing targeted employment areas and numerous provisions ensuring the integrity of the program from fraud and fund misappropriation. Real estate developers can avoid costs and risks by selecting the best RC for their project.

Along with positive RC changes, other RIA major changes include the establishment of an EB-5 integrity fund, developer job creation calculations, priorities and incentives for targeted employment areas, rural projects, infrastructure projects, and roll-over provisions for EB-5 visas. Essentially, RIA's new modifications provide an opportunity for real estate developers to consider their overall job creation goals, calculations, and investing in high unemployment and rural area projects to promote economic growth.

Listen as our authoritative panel of real estate attorneys provides guidance on the recently revitalized EB-5 program, analyzes the most notable RIA changes, and offers practical recommendations to assist clients with their commercial real estate development projects.



  1. Overview of the EB-5 program
  2. Regional centers
  3. Recent EB-5 program changes
    1. Establishment of the EB-5 integrity fund
    2. Job creation calculations
    3. Targeted employment areas and infrastructure projects
    4. Reserved EB-5 visas
  4. Practical guidance


The panel will cover these and other key issues:

  • What are the key considerations for the EB-5 program and RCs?
  • What are the recent changes with the passage of RIA?
  • What are some practical strategies for counsel when advising commercial real estate developers?


Armstrong, Shae
Shae Armstrong

Bradley Arant Boult Cummings

Mr. Armstrong focuses his practice in the area of project finance, including equity financings and lender and borrower...  |  Read More

Lahoud, Raymond
Raymond G. Lahoud

Member; Chair Immigration Law Practice Group
Norris McLaughlin

Mr. Lahoud represents individuals and families, domestic and multinational businesses and corporations, employers,...  |  Read More

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