EB-5 Reauthorization 2026: Will the EB-5 Regional Center Program Survive?

At a JTC webinar, industry experts discussed the fast-approaching deadlines affecting EB-5 reauthorization in 2026 and what is likely to happen with grandfathering deadlines, fee increases, and the EB-5 Regional Center Program.

Anyone following EB-5 investments has heard plenty about the important dates coming up over the next year and a half: September 30th, 2026, is the grandfathering deadline for the EB-5 Reform and Integrity Act of 2022 (RIA), after which petitions have no guarantee of adjudication under the RIA; in January 2027, minimum investment amounts are scheduled to increase; and on September 30th, 2027, the Regional Center Program’s authorization under the RIA is set to expire.

Many are unsure of what to do about these deadlines: should we expect the grandfathering date to be extended to match the authorization expiration date, or should investors hurry to get petitions in now? And given competition from the Gold Card and EB-5’s previous reputation, how likely is reauthorization to happen? For investors looking to participate in EB-5 projects and Regional Centers, these dates are of the utmost importance.

To help stakeholders navigate an uncertain time, JTC gathered a group of seasoned EB-5 professionals for a webinar about the issues facing the industry in 2026. Building on Success – Using 2026 to Carve a Bright Future for EB-5 featured a lively discussion about what the industry faces, as well as the many successes that prove why EB-5 investment is worth fighting for.

Understanding EB-5 vs. the Regional Center Program

One point that can be confusing is the difference between EB-5 and the Regional Center Program. EB-5 actually existed prior to the Regional Center Program, which allows for pooled investments and indirect job creation. While EB-5 is a permanent part of U.S. law, the Regional Center Program is not.

“It’s a pilot program, and it’s not yet a permanent part of our immigration laws,” said Carolyn Lee of Carolyn Lee PLLC.

Because the program isn’t permanent, it requires periodic reauthorization. Every few years, we must urge Congress to extend the program’s authorization, but this time there is an extra wrinkle in the form of the RIA grandfathering deadline. After September 30th of 2026, the program is still authorized and investors can still file petitions, but the law does not guarantee those petitions adjudication under the rules of the RIA. They may be subject to whatever rules are implemented with a new version of the program, but we won’t know what those rules are until reauthorization is achieved.

“We have this weird asynchrony between the grandfathering sunset this year and the program sunset next year,” said Lee.

There are currently efforts to urge officials in Washington to align the dates so all petitions filed before September 30th, 2027, will be guaranteed adjudication under the current rules. But that is only a temporary stopgap: the real fight is for EB-5 reauthorization beyond the 2027 deadline, preferably with a permanent version of the program. On that front, the panelists were largely positive.

“We are optimistic that the program will continue,” said Trevor Anderson of HomeFed Corporation, who said many Regional Centers and investors continue to operate with the belief that an extension will be achieved.

“I think that investors will continue to participate accordingly,” he said.

Managing EB-5 Grandfathering and Investment Deadlines

How might investors react to the upcoming deadlines, which include both the EB-5 grandfathering cutoff and a potential increase in minimum investment amounts in 2027? It’s certainly possible a lot of investors will be racing to get their petitions in ahead of these deadlines.

“There’s a lot of things to be conscious of, whether that’s the sunset date or a price increase that’s coming,” said JTC’s Jill Jones. “What typically happens, and what we have seen happen over and over in EB-5, is that drives a rush.”

That rush could entice developers to bring risky projects to market in order to meet the excess demand. As Sebastian Stubbe of Pine State Regional Center explained, this can be dangerous both for the investors who fall prey to those projects and to the industry as a whole.

“The temptation can be there to kind of say, ‘times are so good. Let’s just collect a bunch of money.’ Right? And first of all, doing that for projects that are not shovel-ready, where you’re essentially hoarding money that then is going to get stuck at the NCE level for a very long period of time, is probably neither appropriate or fair.”

Stubbe added that he expects some new entrants to the market who aren’t planning to stick around long-term and aren’t aware of the complexity of EB-5 investments. Attorneys and financial advisors would be wise to steer their clients away from these rushed projects that offer lofty promises.

“That’s something that people should be aware of and should be a little concerned about,” he said.

Advocating for EB-5 Reauthorization in Congress

While there was plenty of optimism among the panelists, they also acknowledged the challenges in achieving long-term EB-5 reauthorization for a program that has largely flown under-the-radar, except when there’s a scandal or an official expressing a negative view.

“It’s tricky,” said Stubbe. “I think anyone that has ever operated in Washington, D.C., knows that there’s a million different agendas, sometimes working against each other, and doing something like this does require both Democrat and Republican support.”

As co-chair of the Public Policy Committee for industry group Invest In the USA (IIUSA), Lee spoke about overcoming the lack of awareness among lawmakers.

“When we started speaking with legislative offices in 2012 to 2020, through the long sunset before the RIA passed, a lot of folks did not know what EB-5 was, and those few who did, did not think well of it,” she said. “They didn’t have a lot of information about the program. They had sort of the soundbite versions of EB-5’s worst cases.  I don’t think we have that issue now.”

“I think one of the challenges EB-5’s reputation faces is it only takes one bad actor,” said Jones. Part of what’s changed this time around, the panelists said, was the ability to point to specific projects in specific areas that demonstrate to lawmakers just what a powerful impact EB-5 investment can have in their states.

“I think the support is there for a reason,” said Stubbe, who noted support has grown since the RIA because the industry has “proven that we can be a helpful solution across the entire nation, that this is not just for a handful of states, but really that lots and lots of states are now seeing benefit. We’re getting a lot of support from governor’s offices around the country who are really enjoying this inflow of positive capital.”

Noreen Hogan of CMB Regional Centers highlighted the many other organizations that have come out in support of EB-5 Regional Center Program.

“We had the Real Estate Roundtable, the Rural Alliance, AHLA, the Latino Hotel Association, the National Association of Realtors,” along with groups like the National Association of Home Builders that “intersect with EB-5 and see the benefits of EB-5,” that have been reaching out to congressional leaders.

Highlighting EB-5’s Impact Investing Strengths

A key part of the strategy employed by JTC and others this time around in the fight for reauthorization is a focus on EB-5’s strengths as an impact investing initiative, not just an immigration program. While it’s true that EB-5 helps immigrants gain permanent residency, it also has a far-reaching impact on communities across the country. And thanks to the RIA’s reserved visas for rural projects, those impacts are reaching more areas, and more industries, than ever before.

“We’ve seen unbelievably cool impact across so many different types of projects,” said Stubbe. “Now there’s Regional Centers building rural hospitals, building drug treatment facilities, veteran’s clinics and broadband projects.”

Drawing from personal experience to tell a story about how a steel plant funded by EB-5 investment brought higher wages to a distressed community, Stubbe talked about the effects of EB-5 projects beyond just the project itself. EB-5 projects can raise local property values, create demand for additional industries, and kick-start entire local economies.

“There really is this ripple effect across a very significant region, all from what are just a few projects,” he said.

“These are the stories that are so incredible,” said Hogan, who also shared some insight about the impact of specific projects. “It’s just so wonderful to hear how these projects improve people’s lives, improve communities. And then you look at the other side: who made this possible? Foreign nationals who want to live the American dream, who are bringing their families over.”

Keeping the Pressure on EB-5 Deadlines in 2026

“I think the message that you’re hearing is: we’re at a pivotal time in EB-5 – again – but it’s a good one, and we want to support each other,” said Jones. “We want to make sure the spotlight is on all the good EB-5 is doing, has done, and will continue to do.”

It’s always an uphill battle to get Congress to act, but the panelists agreed that the facts are on our side, and it’s easy to make the case that the RIA has made EB-5 better than ever.

“I think everyone will agree that today, the industry is operating in a much more overall compliant manner,” said Stubbe. “In our case, a Regional Center, we are looking to work with the top operators on the immigration law side, on the securities law side, on fund administration, such as JTC.”

Many of the advances of the RIA, such as the need for third-party fund administration, were originally best practices implemented by JTC years before. Their inclusion as mandatory under the RIA is proof of the value of our stringent security and transparency measures.

“This is super important. It perhaps didn’t used to be as important, but now it really does matter,” said Stubbe. “These are not things to base on cost cutting, etc., but rather, do the right thing, and then everyone gets to sleep better at night.”

JTC provides a wide range of RIA-compliant EB-5 solutions for Regional Centers, including EB-5 fund administration, cosignatory, escrow, fund accounting, audit preparation, and more. We work with Regional Centers to find the right solutions for their specific needs, and when new rules are announced, we adapt quickly. If you’re thinking about EB-5 in terms of the future, and want to be in it for the long term, get in touch with JTC.

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