IIUSA Regional Center Industry Weekly Report

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1 IIUSA Regional Center Industry Weekly Report The Source of EB 5 News & Developments for IIUSA Members August 21, 2015 IN THIS ISSUE Complete IIUSA's Annual Membership Satisfaction Survey Complete IIUSA's Annual Membership Survey AILA Publishes Comparison

Chart of EB 5 Bills Call for Comments: USCIS Draft Policy Memorandum 602 0121 Advertise in the Q3 2015 Edition of the Regional Center Business

signed form to IIUSA via e mail at membership@iiusa.org.

IIUSA's annual membership survey provides us an invaluable opportunity to measure and evaluate the effectiveness of our products, publications and

2 Chart of EB 5 Bills Call for Comments: USCIS Draft Policy Memorandum Advertise in the Q Edition of the Regional Center Business Journal Dear IIUSA Members, IIUSA Membership logo Limited License and Guidelines For Use Policy To use the IIUSA logo, return the completed and signed form to IIUSA via e mail at membership@iiusa.org. If you have not already done so, Please have one person from your organization take minutes to complete this membership survey. IIUSA's annual membership survey provides us an invaluable opportunity to measure and evaluate the effectiveness of our products, publications and events. With your feedback, we are able to design and enhance membership benefits that will better assist your efforts to succeed in the EB 5 marketplace. Thank you for your participation and we look forward to serving you in the year ahead! Sincerely,

Receive Email Updates from IIUSA Peter D. Joseph To receive daily updates delivered right to your e mail inbox, visit iiusa.org/blog and enter your email address in the sidebar to the right.

3 Receive Updates from IIUSA Peter D. Joseph To receive daily updates delivered right to your e mail inbox, visit iiusa.org/blog and enter your address in the sidebar to the right. Executive Director IIUSA Data Report: USCIS Processing Times for I 526, I 829 Petitions and I 924 Applications Statistic of the Week 13.5 According to United States Citizenship and Immigration Services (USCIS), the processing time for I 526 petitions, as of June 30, 2015, is 13.5 months up from 13.4 months in May

Citizenship and Immigration Services (USCIS) Memos To view the complete report, click the link above 8/28/98 Bach Memo

4 2015. Processing times had been decreasing since February before increasing slightly for the month of June. Publishing Dates of Major U.S. Citizenship and Immigration Services (USCIS) Memos To view the complete report, click the link above 8/28/98 Bach Memo on Invested Funds in Escrow I 526 IIUSA Engagements The processing time for I 526 petitions, as of June 30, 2015, is 13.5 months up from 13.4 months in May Processing times had been decreasing since February before

5 8/22/14 IIUSA Executive Director, Peter Jospeh, Speaks at AILA 2014 EB 5 Conference increasing slightly for the month of June. I 829 The processing time for I 829 petitions, as of June 30, 2015, is 14.3 months up from 13.6 months in May 2015 and up from 5.7 months in June 2014; this represents a year over year increase of 150% in processing times. This marks the second month in a row that I 829 processing times surpassed I 526 times. I 924 In Other News The processing time for I 924 petitions, as of June 30, 2015, is 11.8 months which represents a slight increase from the 11.5 month processing time data for May The year over year statistics represent a 93% increase in processing times. View EB 5 Media Coverage Library RCBJ Retrospective: Spotlighting India, an Emerging EB 5 Market 8/20/15 IIUSA Blog American Immigration Lawyers Association Publishes Comparison Chart of EB 5 Bills The American Immigration Lawyers Association (AILA) has recently published a comparison chart of the House EB 5 Bills which include HR 616, HR 3370 and HR 2131 (from the 113th Congress). Less than 40 days remain until the reauthroization deadline of September 30.

More Latin Americans Investing in the US through EB 5 8/19/15 NBC News To view the full chart please click here and see below: USCIS Issues Warning on Unauthorized Use of the DHS Seal 8/18/15 IIUSA

6 More Latin Americans Investing in the US through EB 5 8/19/15 NBC News To view the full chart please click here and see below: USCIS Issues Warning on Unauthorized Use of the DHS Seal 8/18/15 IIUSA Blog Real Estate Round Table Urges Congress to Act Swiftly in Reauthorizing EB 5 this September 8/17/15 Bussinessfacilities.com IIUSA Announces Honorable Jon Huntsman Jr. to Serve as Guest of Honor at October EB 5 Market Exchange 8/17/15 IIUSA Blog

Unpacking the Draft EB 5 Memorandum PM 602 0121 8/14/15 IIUSA Blog IIUSA Statement Regarding GAO Report on EB 5 Program 8/13/15

Journal of Commerce IIUSA Member Pens Op Ed in "The Hill" 8/10/15 IIUSA Blog Report on USCIS August 13, EB 5 Stakeholder

7 Unpacking the Draft EB 5 Memorandum PM /14/15 IIUSA Blog IIUSA Statement Regarding GAO Report on EB 5 Program 8/13/15 IIUSA Blog Zenith Capital plans Linden Village to Meet Growing Demand for Senior Housing 8/12/15 Lynn Porter, Seattle Daily Journal of Commerce IIUSA Member Pens Op Ed in "The Hill" 8/10/15 IIUSA Blog Report on USCIS August 13, EB 5 Stakeholder Meeting by Robert C. Divine Report on August 13, 2015 EB-5 Stakeholder Meeting by Robert Divine, Baker Donelson Top 12 Reasons to Attend

8 IIUSA's EB 5 Market Exchange this October 8/10/15 IIUSA Blog EB 5 Nearing Mainstream Recognition as Viable Capital Funding Tool in Face of Reauthorization Fight 8/10/15 AILA Leadership Blog Maine Considers State Run EB 5 Regional Center 8/7/15 Tom Bell, Portland Press Herald EB 5 Investment to Fund Affordable Housing in Miami 8/6/15 Laura Kusisto, The Wall Street Journal EB 5 Retrospective: Five The August 14, 2015 stakeholder meeting provided some useful "take aways" for the industry. I have followed up with the Investor Program Office and the Office of Public Engagement asking them to publish the essential conclusions from the meeting, especially since the audio quality for those listening by phone was quite poor. Mr. Colucci said IPO has 108 on staff and expects another 20 soon. He said IPO has been completing 1,000 I 526s per month and in the quarter March to June IPO adjudicated 1100 more than received. He gave these statistics: I 526: received 7, (5% increase), approved 6,498, denied 663. I 829: 2,268 received (47% increase), approved 606, denied 5 I 924: received 252 (30% increase), approved 187, denied 31. Mr. Colucci reported that USCIS has initiated an integrity program with dedicated resources, and apparently one of its first actions has been to publish the recent notice to stakeholders a warning that any regional center continuing to use the words "United States, U.S., or Federal" in its name would be reported to the Federal Trade Commission. A stakeholder pointed out that uses of such names by very well known companies exist, such as US Bank and Federal Express, but USCIS seems to believe those are subject to governmentally recognized exceptions not applicable in the regional center context.

9 Approaches to Successful EB 5 Banking 8/6/15 IIUSA Blog Foreign Capital Accounted for $2B in Chicago Office Building Deals in Last Half Year Alone 8/6/15 Chuck Sudo, Bisnow.com IIUSA Executive Director, Government Affairs Team Head to AILA Conference Later this Month 8/5/15 IIUSA Blog OMB: Federal Register Notice on Recommended Changes for NAICS /4/15 Federal Register Mr. Colucci reported that he and some other USCIS personnel recently visited China for a week and interacted with the relevant national and provincial police agencies that oversee immigrant investment agencies there. He said that the Chinese agency provided useful information to USCIS in detecting fraud in source of funds documents. He said the USCIS personnel also visited with State Department officials and watched some EB 5 immigrant visa issues. They spoke with consular fraud personnel about local (in China) site visits relating to source of funds verification. Julia Harrison discussed the "first in first out" modified by grouping of some projects. She said they are working hard to catch up on some longstanding petitions that have fallen out of order. She mentioned the phenomenon of expediting without explaining how USCIS approaches types of expediting as a practical matter. She acknowledged that USCIS on its own expedited electronically filed petitions when it discontinued ELIS system. She also said that USCIS will not review compact disks or other electronic media in a filing. She said USCIS will publish guidance in the next several weeks about what will happen if the regional center program legislation expires. Lori Henson invited stakeholders to send in comments about the draft memo on job creation and sustainment of investment published this week, particularly on issues that need to be further clarified. The question and answer component of the meeting yielded the following essential lessons, which I have asked IPO and OPE to compile in writing with any others they deem appropriate:

Sale subject to an EB 5 loan (i.e., preserving the loan) is OK. (we hope that USCIS will please publish what a USCIS lawyer had written and the speaker read).

10 Sale subject to an EB 5 loan (i.e., preserving the loan) is OK. (we hope that USCIS will please publish what a USCIS lawyer had written and the speaker read). Conditional residence ends, for purposes of the requirement to sustain the investment, upon the timely filing of the I 829, and it would be inappropriate for USCIS to require an investor to show sustainment beyond the time of filing. Upcoming Industry Events & Deadlines View on IIUSA Member Portal (member.iiusa.org) 2015 AILA EB 5 Investors & Regional Centers CLE Conference 8/27 8/28 Las Vegas, NV IIUSA Leadership Summit Dinner (Invitation Only) 8/27 Las Vegas, NV An NCE can use proceeds from a JCE liquidation/repayment to pay off investors who already reached the end of conditional residence, even if proceeds for other investors need to be reinvested (see draft memo on "sustainment" just published). It is permissible for a JCE to place operational profits in a sinking fund for later distribution to investors after the end of their conditional residence. [it was not clear to me whether Mr. Lyons meant that the funds could be transferred to the NCE before the end of conditional residence or must be held in some account by the JCE, and that should be clarified.] USCIS has authority to prioritize RC sponsored petitions over non RC petitions, but it has not deliberately exercised that authority, and it intends to get processing times of non RC closer to on par with RC sponsored petitions. USCIS does not and will not hold in abeyance I 526s related to projects other than ones for which an I 924 is filed. EB 5 Litigation Strategies

11 & Trends 9/03 IIUSA Webinar Pushing for Permanent Authorization of the EB 5 Regional Center Program 9/10 IIUSA Webinar (Member Only) USCIS EB 5 Adjudication Trends: I 526/I 829 Petitions & I 924 Applications 9/24 IIUSA Webinar Property Investor & Homebuyer Show To Listen to the Full Recording of the Event, Please Click Here. Call for Comments on USCIS Draft Policy Memorandum Last week United States Citizenship and Immigration Services (USCIS) issued a draft policy memorandum, PM , to provide guidance on the "Job Creation Requirement and Attainment of the Investment for EB 5 Adjudication of Form I 526 and Form I 829". To read a full analysis of the draft memorandum please see here. USCIS has called for comments on the draft memorandum. Please see the USCIS notification below. Dear Stakeholder, USCIS has posted the following draft policy memorandum for your review: 10/9 10/10 London, UK Guidance on the Job Creation Requirement and Sustainment of the Investment for EB 5 Adjudication of Form I 526 and Form I 829 Comment Process: Please all comments to ope.feedback@uscis.dhs.gov by Tuesday, September 8, Please include the following to make your comments clear:

State the title of the relevant memo in the subject line of your message: Refer to a specific portion of the memo: Explain the reason for any recommended change; and Include data, information, or

2015 AILA Latin American and Caribbean Chapter Fall Conference 11/5 11/6 Rio De Janeiro, Brazil For complete information on the comment process, visit the Feedback Opportunities section of www.uscis.

12 State the title of the relevant memo in the subject line of your message: Refer to a specific portion of the memo: Explain the reason for any recommended change; and Include data, information, or authority that supports the recommendation AILA Latin American and Caribbean Chapter Fall Conference 11/5 11/6 Rio De Janeiro, Brazil For complete information on the comment process, visit the Feedback Opportunities section of If you are unable to access the memorandum through the links provided above, please do the following: 1. Go to 2. Select "Feedback Opportunities" on the left side of the page Kind Regards, USCIS Public Engagement Division Advertise in the Q Edition of the Regional Center Business Journal Advertisements are Due on Sept. 11!

New Resources in the IIUSA Member Portal Advocacy Toolkit: Regional Center Media Kit August 18, 2015 Industry Data Library: Processing Times (FY 2014 Quarterly) through June 2015 August 14, 2015

13 New Resources in the IIUSA Member Portal Advocacy Toolkit: Regional Center Media Kit August 18, 2015 Industry Data Library: Processing Times (FY 2014 Quarterly) through June 2015 August 14, 2015 USCIS: Stakeholder Engagement Call Recording August 13, 2015 Advocacy Toolkit: Government Accountability Office on This October, IIUSA will publish its 11th issue of the Regional Center Business Journal ("the RCBJ"), a quarterly magazine designed to keep IIUSA members and other key EB 5 Regional Center program stakeholders "in the know" on the latest industry developments and provide in depth analysis of industry trends. IIUSA welcomes you to advertise in the October 2015 (Q3) issue of the Regional Center Business Journal. Please note that all artwork must be submitted by Friday September 11th for inclusion in Q3 issue. You can have your company represented in the industry's premier publication for as little as $375 per issue. Special pricing exists for purchasing a "bundle" or ad space in

14 the Immigration Investor Program August 12, 2015 four consecutive issues. To view the IIUSA's 2015 Media Kit (PDF), click here. To purchase an ad today, click here. Industry Data Library: U.S. Department of State Visa Bulletin August 12, 2015 USCIS: EB 5 Policy Memoranda August 10, 2015 Investor Markets: Black Rock India Investor Pulse Survey 2014 August 4, 2015 The RCBJ has an international distribution list with of over 2,700 participants across the EB 5 Regional Center Industry. The RCBJ is distributed to all our 270+ Regional Center Members nationally as well as our 250+ Associate Members worldwide in addition to being featured on our website which receives thousands of unique page views per month. The journal is also sent to our strategic partners and interests groups as well as to Congressional offices and federal, state and local government stakeholders. To view all previous issues of the RCBJ click here. Publication Archive: IIUSA China enewsletter August 3, 2015

15 Office of Foreign Asset Control (OFAC) Sanctions List July 31, 2015 Webinar Library: "Banking & EB 5: Understanding the Roles of a Bank in EB 5 Transactions" July 30, 2015 Industry Data Library: IIUSA Report on USCIS Adjudication Trends, July 30, 2015 Advocacy Toolkit: H.R. 3370: EB Jobs Act of 2015 July 29, 2015

16 EB-5 Forms: Form I-829 Instructions (English & Chinese-language) July 24, 2015 Associate Member AsiaWise Partners LLC

17 Advertise with IIUSA! Reach nearly 3,000 professionals from diverse roles in the EB 5 Regional Center industry! Your brand can be seen across sectors and around the world in IIUSA's industry leading quarterly trade magazine, the: Regional Center Business Journal.

18 Forward this This was sent to by Update Profile/ Address Rapid removal with SafeUnsubscribe About our service provider. IIUSA 300 New Jersey Avenue NW Suite 1075 Washington DC 20001

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September 20, Submitted via Department of Homeland Security U.S. Citizenship and Immigration Services Office of Policy and Strategy Chief, Regulatory Coordination Division 20 Massachusetts Avenue, NW Washington, DC 20529-2020 Submitted