DHS Moves To Formalize The EB-5 Reform And Integrity Act Of 2022 Through Comprehensive Rulemaking

On July 2, 2026, the U.S. Department of Homeland Security (DHS) published a Notice of Proposed Rulemaking (NPRM) that would revise the regulations governing the EB‑5 Immigrant Investor Program and fully implement the EB‑5 Reform and Integrity Act of 2022 (RIA). The proposed rule addresses numerous aspects of the EB‑5 program, including investor eligibility, regional center compliance, targeted employment area (TEA) determinations, priority date retention, audits, enforcement authority, and automatic revocation provisions.

Background

The EB‑5 Reform and Integrity Act of 2022 reauthorized the Regional Center Program through Sept. 30, 2027, while introducing extensive reforms designed to strengthen oversight and enhance investor protections. Since the RIA’s enactment, U.S. Citizenship and Immigration Services (USCIS) has implemented many statutory changes through policy guidance, new forms, and adjudication practices. However, many provisions have not yet been incorporated into the agency’s formal regulations. The NPRM seeks to close that gap by updating regulations in 8 C.F.R. Parts 204, 205, 216, and 235. 

For the EB‑5 industry, the proposed rule is important because it would provide regulatory clarity in areas where market participants have relied primarily on statutory language, policy manuals, and agency interpretation since 2022.

Key Proposed Changes

1. Codification of RIA Integrity Measures

   The principal objective of the proposed rule is to formally codify the enhanced integrity framework established by Congress in 2022. The NPRM would expand DHS authority to conduct audits, site visits, investigations, and other compliance reviews of regional centers, new commercial enterprises, and associated parties. Regional centers would face strengthened recordkeeping, reporting, and compliance obligations consistent with the RIA’s anti‑fraud objectives.

   For regional centers and project sponsors, the proposal reinforces the importance of robust compliance programs and internal controls as DHS continues to increase oversight of EB‑5 activities.

2. Clarification of Investor Eligibility Requirements

   The proposed rule addresses DHS’s effort to provide greater regulatory clarity regarding investor eligibility requirements, many of which have been governed by a combination of statutory language, policy guidance, and agency precedent since the RIA’s enactment. The proposed rule seeks to harmonize these authorities and establish clearer standards for EB-5 adjudications.

   The NPRM proposes updates to eligibility standards, including new regulatory definitions and clarifications regarding qualifying investments, capital, and job creation requirements. According to DHS, these revisions are intended to align existing regulations with the statutory framework established under the RIA and longstanding agency interpretation.

   The rule would also codify the current statutory investment thresholds of $1,050,000 for standard EB‑5 investments and $800,000 for qualifying TEA and infrastructure projects, subject to automatic inflation adjustments and other factors beginning Jan. 1, 2027, and every five years thereafter. 

3. Priority Date Retention

   The NPRM proposes regulations implementing the RIA’s priority date retention provisions, which are designed to provide greater flexibility and protection for investors facing project-related complications. Investors who meet specified requirements may be able to retain the priority date from an earlier approved petition when filing a subsequent petition. The proposed regulations seek to clarify the circumstances in which this protection may be available.

   This provision may be relevant for investors navigating project‑related challenges or other circumstances requiring refiling.

4. Targeted Employment Areas (TEAs)

   The NPRM would further define the methodology and criteria for TEA determinations. Since the RIA’s enactment, USCIS has assumed primary responsibility for TEA adjudications, replacing the prior framework that relied heavily on state agencies. DHS now seeks to formally incorporate these standards into regulation.

   Because TEA qualification remains central to the reduced investment threshold available to many investors, additional regulatory clarity may be of interest to project developers, economists, and investors.

5. Restrictions on Certain Financing Arrangements

   DHS also proposes changes involving bridge financing and capital requirements. Among the notable provisions, the agency proposes eliminating the use of repaid bridge financing in certain circumstances and further refining what constitutes qualifying capital for EB‑5 purposes.

   These updates may have implications for project structuring and source‑of‑funds analysis.

6. Automatic Revocation and Investor Protections

   Among the closely watched components of the proposal are automatic revocation provisions and the treatment of investors affected by regional center termination or misconduct. The RIA introduced investor protection mechanisms designed to shield good‑faith investors from adverse actions occurring outside their control. DHS proposes regulatory guidance explaining how these statutory protections would operate in practice.

   This portion of the rule may provide greater certainty regarding the consequences of regional center sanctions and the circumstances under which immigration benefits may be preserved.

Potential Impact on the EB‑5 Industry

Although many of the proposed changes reflect statutory requirements already in effect, formal regulations provide a level of certainty that policy guidance alone cannot. Investors, regional centers, project sponsors, and practitioners have navigated a rapidly evolving post‑RIA environment since 2022. Comprehensive regulations may help reduce ambiguity and create more predictable adjudication standards going forward.

The NPRM also reflects DHS’s continued commitment to enforcing the integrity‑focused reforms enacted by Congress. Enhanced oversight, expanded compliance obligations, and clarified eligibility standards are expected to remain central features of the EB‑5 program.

Looking Ahead

The proposed rule is not yet effective, and changes may occur before a final rule is issued. Stakeholders should review the proposal and consider submitting comments on provisions that may affect regional center operations, project financing structures, investor eligibility, and petition adjudications. DHS has provided a 60‑day public comment period following publication in the Federal Register.

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