EB-5 NPRM 2026: How EB-5 Stakeholders Can Preserve Bridge Financing

In an interview with GlobeSt, Jill Jones explains how bridge financing helps EB-5 projects succeed and how the industry can respond to the EB-5 NPRM 2026 to keep this important financing mechanism.

On July 1st, 2026, the Department of Homeland Security (DHS) released a 358-page Notice of Proposed Rulemaking (NPRM) affecting EB-5. One of the most impactful changes included in the NPRM had the potential to “eliminate the use of bridge financing repaid from EB-5 investment capital as a basis to demonstrate job creation in the EB-5 program.”

Since then, experts have noted that this EB-5 proposed rule would slow down projects, forcing them to wait until the end of the long EB-5 fundraising period to get going. While many in the industry are concerned about the potential ramifications of the EB-5 rule changes, a new article in GlobeSt notes that because this is only a proposed rule and not a final one, it likely won’t affect projects fundraising right now.

What the EB-5 NPRM 2026 Proposes

“For commercial real estate sponsors and investors, the immediate takeaway is that the proposal will not directly affect offerings or projects in the market today,” says GlobeSt’s Richard Berger, who spoke to JTC Head of Specialty Administration/General Counsel – USA Jill Jones about what to expect in the near future.

“EB-5 issuers and sponsors are likely to bring offerings to market quickly so they can be adjudicated under the current rules rather than delay and be forced to accept what is likely to be a much more restrictive regime,” says Jones.

As to what that more restrictive regime might entail, it is currently unclear. The USCIS EB-5 NPRM acknowledges that there is a long history of using bridge financing in EB-5, and that there are plenty of “credible and realistic uses of bridge financing, which in turn present more credible projects that have a higher likelihood of success.”

The EB-5 Public Comment Period: Your Opportunity to Act

As of this writing, there is an EB-5 public comment period that extends to August 30th, 2026, or 60 days after the initial release of the NPRM. As Jones stresses, this is the time for industry stakeholders to act if they want to preserve bridge financing and suggest ways USCIS can address source of funds reporting and other issues without holding the program back.

“The bridge financing structure has long served as a lifeline to meet the development’s financial obligations despite the practical delays involved in sourcing investors, transferring capital into the U.S., preparing immigration petitions, and waiting for USCIS adjudications,” says Jones. “There is likely room for a more balanced approach, one that addresses USCIS’s concerns while preserving EB-5’s role in job creation, community revitalization, and the financing of important commercial real estate development.”

How to Submit Your Public Comment

To make a public comment on the EB-5 NPRM, visit the Regulations.gov website or get in touch with industry trade organization Invest In the USA (IIUSA). For more on the NPRM, check out the full article from GlobeSt.

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