Mayorkas ratifies the EB-5 modernization regulations
Updated: Sep 9, 2021
From EB-5 Investors site
An action taken by Biden administration appointee, Secretary of Homeland Security, Alejandro Mayorkas, on April 1 may keep the minimum investment amount for the EB-5 program at $900,000.
The Behring Regional Center v. Wolf lawsuit by Behring Regional Center against the Department of Homeland Security requests reversal of the implementation of the November 2019 EB-5 Modernization Rule. The Trump-era rule raised the minimum investment amount from $1 million to $1.8 million and, from $500,000 to $900,000 for targeted employment areas (TEAs).
In the lawsuit, Behring claims the EB-5 Modernization Rule was established under then acting Department of Homeland Security officials who did not follow the lawful order of succession for Acting Secretaries, and therefore had no legal authority to enact the new rule. The proposed rule was first issued in July 2019 under acting DHS secretary Kevin McAleenan, followed by the final rule being issued on Nov. 21, 2019 under acting DHS secretary Chad Wolf, who took over McAleenan’s position after his resignation.
Read the entire article here.