February 2, 2024 

Alissa Emmel 

Chief 

Immigrant Investor Program Office 

U.S. Citizenship & Immigration Services 

20 Massachusetts Ave., NW 

Washington, DC 20529 

Dear Chief Emmel, 

As lead authors of the EB-5 Reform and Integrity Act of 2022 (“RIA”), which established longoverdue changes to the immigrant investor program, we write in response to the interpretive 

guidance issued by the U.S. Citizenship and Immigration Services (USCIS). 

We are concerned the guidance establishing a two-year sustainment period, which is the period 

during which an EB-5 immigrant investor must keep their investment at-risk and applied to an 

EB-5 project, is not consistent with congressional intent nor the job-creating focus of this 

program. This short investment period is also not consistent with other federal economic 

investment programs like Opportunity Zones and the New Market Tax Credit, and it could 

unfairly limit the types of projects that could use and benefit from EB-5 capital. Additionally, 

we would note that the guidance would unduly restrict the sustainment period from the date of 

investment, which directly conflicts with the agency’s regulations (8 CFR 216.6(a)(4)(iii)) on 

EB-5 capital investment requirements. 

We strongly urge USCIS to rescind or clarify this guidance to be consistent with congressional 

intent and ensure a fair and reasonable investment holding period, a minimum of at least five 

years, for all EB-5 investments made at any time after March 15, 2022, when RIA became law. 

Thank you for your prompt attention to this matter, and we look forward to your reply. 

Sincerely, 

_________________

Greg Stanton

Member of Congress

_________________

Brian Fitzpatrick

Member of Congress

Congress of the United States 

Washington, DC 20510 
 

 

 

 

 

 

U.S. Department of Homeland Security 

U.S. Citizenship 

and Immigration 

Services 

www.uscis.gov 

U.S. Citizenship and Immigration Services 

Office of the Director (MS 2000) 

Camp Springs, MD 20588-0009 

March 11, 2024 

The Honorable Greg Stanton 

U.S. House of Representatives 

Washington, DC 20510 

Dear Representative Stanton: 

Thank you for your February 2, 2024 letter to United States Citizenship and Immigration 

Services (USCIS) regarding the EB-5 Reform and Integrity Act of 2022 (“RIA”). 

We appreciate your thoughts on USCIS efforts to implement the EB-5 Reform and 

Integrity Act of 2022 (RIA), particularly your concerns about USCIS’ guidance regarding the 

new investment timeframe requirements. 

USCIS is committed to implementing the RIA and accompanying amendments to the 

Immigration and Nationality Act (INA) as enacted in an efficient and equitable manner that 

protects pending and prospective investors, as well as ensuring the program can continue to be a 

catalyst for new jobs and investment in the United States. As amended by the RIA and 

applicable to investors seeking classification after enactment of the RIA, the INA requires only 

that the investment must be expected to remain invested for not less than two years and no longer 

requires that the investment be sustained throughout the investor’s period of conditional 

residence. USCIS’ guidance adheres as closely as practicable to the plain language of the INA. 

Your letter and a copy of this response will be published on the USCIS Electronic Reading 

Room pursuant to the communication protocols in §107(e)(3) of the EB-5 Regional Center 

Reform and Integrity Act of 2022. 

Thank you again for your letter and your support of the Immigrant Investor Program. 

Rep. Brian Fitzpatrick, who cosigned your letter, will receive a separate, identical response. 

Should you require additional assistance, please have your staff contact the USCIS Office of 

Legislative Affairs at (240) 721-3801. 

Respectfully, 

Ur M. Jaddou 

Director