Why Aren’t There More EB-5 Infrastructure Projects?

The RIA created a powerful new visa category. So why hasn’t anyone used it?

A Promising Yet Untapped Category

When the EB-5 Reform and Integrity Act of 2022 (RIA) introduced set-asides for specific project types, it was seen as a breakthrough. For the first time, EB-5 visas would be reserved for projects in rural areas, high-unemployment urban zones, and infrastructure. The structure was designed to encourage investment in areas that needed it most, with the added incentive of priority processing and dedicated visa allocations.

And yet, while rural and urban high-unemployment areas have attracted considerable interest from investors—especially those facing long wait times for oversubscribed countries—the infrastructure category remains virtually untouched. Not a single EB-5 infrastructure visa has been used since the category was created. 

Was This a Policy Misstep?

The idea of incentivizing infrastructure investment was well founded. The American Society of Civil Engineers (ASCE), in its 2025 report card, gave U.S. infrastructure an overall grade of “C”—which, troublingly, is the best score it has received since the ASCE began publishing these grades in 1988. The report reflects the impact of the Infrastructure Investment and Jobs Act (IIJA), which provided $1.2 trillion in funding. Still, U.S. infrastructure spending as a share of GDP trails many peer countries, and the ASCE estimates a staggering $9.1 trillion would be required to bring all 18 categories of infrastructure up to a “good” rating.

Given the scale of the need, creating a visa category that encourages foreign investment into infrastructure without burdening U.S. taxpayers seems like a win-win. So why has there been so little uptake?

The Real Barrier: Uncertainty

The short answer is risk. For Regional Centers, pursuing an EB-5 infrastructure project without clear guidance from USCIS is a costly and uncertain endeavor. Filing an I-956F application can easily exceed $200,000 in preparation costs. Most organizations are understandably reluctant to spend that kind of money without knowing if their project will be accepted into the infrastructure category.

While investors may be eager, Regional Centers must lead the way by designing qualifying projects. Without more clarity, many are choosing to wait on the sidelines.

Infrastructure, Broadly Defined

Despite the lack of formal guidance, the RIA actually uses a fairly generous definition for an infrastructure project as an EB-5 project where the New Commercial Enterprise (NCE) provides “financing for maintaining, improving, or constructing a public works project.”

The phrase “public works” is not further defined in the RIA, but other laws provide context. The Davis-Bacon Act of 1931 applies to “the construction, alteration, or repair (including painting and decorating) of public buildings or public works.” State laws, like California Labor Code Section 1720, go further, including volunteer labor, preconstruction surveying, and even certain private projects that receive public subsidies. The 2021 IIJA further expanded the types of projects eligible for federal funding to include broadband, public transit, rail, clean energy systems, and climate resilience.

All of this suggests that infrastructure under the RIA is not limited to bridges and highways. There is a wide array of project types that could potentially qualify.

Moving Forward With Confidence

For Regional Centers considering the infrastructure category, the first step is to evaluate the potential eligibility of their project. Though the language is broad, projects that include some form of public funding, deliver a public benefit, and involve physical construction or improvements are generally in line with the definitions found in the RIA and other legislation.

That said, there is still regulatory uncertainty, and very few I-956F applications have been submitted under this category. Regional Centers pursuing this path should be prepared to respond to Requests for Evidence from USCIS and to articulate why their project fits the infrastructure definition. Those with the capacity to manage that process stand to benefit from being early movers in a category with reserved visas and strong investor appeal.

Bridging the Gap

What will it take to unlock the potential of EB-5 infrastructure?

While additional guidance from USCIS would help, Regional Centers should not wait passively. Proactively partnering with state and local governments can provide legitimacy and momentum. Projects that have public backing or are part of larger government initiatives are more likely to receive favorable consideration. Engaging with local policymakers and forming coalitions around specific infrastructure needs can also increase visibility and generate broader support for infrastructure-based EB-5 activity.

At the same time, the industry must do a better job of educating investors. Infrastructure projects will not resemble the private-sector real estate deals many EB-5 investors are used to. Repayment may come from tolls, utility fees, or lease revenue tied to supporting development. These are different revenue streams—but are not necessarily less secure.

The key is to balance creativity in deal structure with compliance. Repayment models must meet the “at-risk” requirement of EB-5. This means repayment cannot be guaranteed by a government bond. However, repayment through mechanisms such as performance-based availability payments or tax increment financing may be viable if structured carefully.

What a Viable EB-5 Infrastructure Project Might Look Like

Imagine a Regional Center financing a transit station that unlocks adjacent real estate development. EB-5 capital could be loaned to a private developer who constructs mixed-use facilities around the station. Revenue from leases or retail sales could support repayment, while the public infrastructure component provides a clear community benefit.

Alternatively, a clean energy project could deliver power to underserved areas, with EB-5 funds contributing to construction and repaid through usage fees. As long as the investment is placed at risk and tied to job creation, such a project could align well with EB-5 goals.

The critical challenge is documentation. Investors will need evidence that their funds were used appropriately and remained at risk for the required time. Regional Centers must be able to deliver transparency throughout the investment lifecycle.

Why Third-Party Fund Administration Is More Important Than Ever

Because the infrastructure category is forging entirely new ground, compliance will be critical at every stage. From project formation to capital deployment to investor reporting, Regional Centers will be expected to document and defend their decisions in ways that haven’t yet been standardized. That uncertainty adds risk—and that’s exactly where third-party fund administration can offer the most value.

A qualified fund administrator protects Regional Centers by implementing independent controls that help ensure capital is used appropriately, in line with job-creation requirements, and with proper reporting. For investors, this creates transparency and reassurance that their funds are being managed responsibly and in accordance with EB-5 rules. In an emerging category where both the regulatory framework and investor expectations are still evolving, this layer of independent oversight is not just a nice-to-have—it’s a strategic necessity.

Unlocking the Full Potential of EB-5

The EB-5 Regional Center Program has always lived with a degree of uncertainty. Even after three decades of driving billions in investment and job creation, the program is still technically considered a pilot, requiring periodic reauthorization by Congress. Its future has never been guaranteed.

That’s why the infrastructure category could be so pivotal. If the EB-5 program is seen as solving meaningful national challenges—improving roads, expanding broadband, modernizing energy systems—it becomes far easier to make the case that this is not just a visa program, but a vital economic development tool. If infrastructure proves to be a successful and visible use of EB-5 funding, it could pave the way for not only making the program permanent, but also expanding it.

Regional Centers that engage with the infrastructure category aren’t just tapping into a set-aside—they’re helping define the next chapter of EB-5. This is a rare opportunity to shape the narrative, demonstrate impact, and deliver real, lasting value to U.S. communities and foreign investors alike.