Understanding Form I-956F in the EB-5 Immigrant Investor Program: Implications for Projects Pending Approval and the Grandfathering Mechanism

In the evolving landscape of the EB-5 Immigrant Investor Program, shaped by the EB-5 Reform and Integrity Act of 2022 (RIA), Form I-956F serves as a central mechanism to ensure transparency, compliance, and investor protection. Administered by the U.S. Citizenship and Immigration Services (USCIS), this form subjects each investment project to rigorous scrutiny before it may serve as the basis for individual immigrant petitions.

Purpose and Requirements of Form I-956F

Form I-956F, titled "Application for Approval of an Investment in a Commercial Enterprise," is a mandatory filing submitted by USCIS-designated Regional Centers to seek approval for specific investment offerings under the EB-5 program. Pursuant to INA § 203(b)(5)(F)(i), a Regional Center must file Form I-956F prior to any foreign investor submitting a Form I-526E (Immigrant Petition by Regional Center Investor) predicated on that project. The primary objective is to verify that the project satisfies core EB-5 statutory and regulatory criteria, including:

· A comprehensive and economically feasible business plan, detailing capital sources, cash flow projections, and identified risks.

· Creation of at least 10 full-time equivalent permanent jobs per investor, supported by a reliable econometric methodology (e.g., RIMS II, IMPLAN, or REMI).

· Strict adherence to Targeted Employment Area (TEA) requirements, encompassing Rural Targeted Employment Areas (Rural TEAs) or High Unemployment Areas (HUAs).

· Transparent and lawful deployment of EB-5 capital, along with verification of the bona fides of involved parties (via Form I-956H for individuals associated with the new commercial enterprise or job-creating entity).

Impact of the EB-5 Reform and Integrity Act of 2022

Enacted on March 15, 2022, the RIA fundamentally restructured the EB-5 program by shifting from indirect project evaluation through individual I-526 petitions to independent project approval via Form I-956F prior to Form I-526E adjudication. This bifurcation reduces investor exposure to substandard projects and enhances overall processing efficiency. The Act strengthened integrity safeguards, including annual -

audits (Form I-956G), broker registration (Form I-956K), and heightened oversight of Regional Centers. Post-RIA, Form I-526E denial rates have fallen to historically low levels (approximately 3%), largely attributable to investors selecting projects backed by approved or high-quality pending I-956F applications.

Current Processing Times and Trends

USCIS processing of Form I-956F has shown marked improvement since FY2024. In FY2025, adjudication volumes averaged approximately 50 cases per quarter, with notable trends including:

· Rural TEA projects: Typically 4–8 months, with some approvals occurring in 3–5 months absent Requests for Evidence (RFEs).

· High Unemployment Area (HUA) projects: Generally 6–9 months.

· Approval rates hovering around 76–80% in recent quarters, with denials primarily stemming from deficiencies in job-creation evidence or transparency issues.

By early 2026, numerous high-quality Rural TEA projects from reputable Regional Centers have achieved approval without RFEs, reflecting enhanced procedural efficiency under the RIA.

Risk Assessment for Investments in Projects Pending as of September 30, 2026

A "pending" status on Form I-956F indicates routine USCIS review and does not inherently signal deficiencies, provided the project originates from a credible Regional Center with a robust filing. Investors may file Form I-526E immediately upon USCIS receipt of the I-956F (no approval required), with the I-526E held in abeyance until I-956F adjudication concludes—a protective mechanism that prevents procedural disruption. Given median processing times well under one year, projects remaining pending as of September 30, 2026, remain viable and low-risk when associated with established Regional Centers, particularly in Rural TEAs.

The Grandfathering Mechanism: Key Legal Protection in the Context of Pending I-956F Projects

A pivotal safeguard tied to projects pending as of September 30, 2026, is the grandfathering clause under the RIA (codified at INA § 203(b)(5)(S) and related provisions). This mechanism insulates investors from risks associated with potential future lapse or non-reauthorization of the Regional Center Program:

· The Regional Center Program is currently authorized through September 30, 2027.

· Grandfathering applies to any Form I-526E filed on or before September 30, 2026: USCIS is statutorily required to continue adjudications under the rules in

effect at filing (including investment thresholds, TEA designations, and other eligibility criteria), irrespective of subsequent program expiration, lapse, or legislative/regulatory changes post-filing.

· Petitions filed after September 30, 2026 lack this protection. In the event of a lapse beyond 2027 without reauthorization, such filings could face suspension or indefinite uncertainty.

For projects with a pending Form I-956F as of September 30, 2026, investors who file Form I-526E prior to the grandfathering deadline will retain full protection. USCIS will proceed with Form I-526E adjudication following Form I-956F approval (standard sequence). Grandfathering attaches to the individual petition filing date rather than Form I-956F status, providing a robust statutory insulation against legislative or political risks—particularly relevant given ongoing discussions around potential 2027 reauthorization.

In light of positive adjudication data (high approval rates and accelerated processing), investments in qualifying pending projects remain a stable and attractive option, especially when paired with early I-526E filing to secure grandfathering benefits.

Conclusion

Form I-956F embodies the RIA's advancements toward greater transparency and efficiency in the EB-5 program, while the grandfathering provision delivers independent statutory protection, affording investors heightened confidence in projects pending as of September 30, 2026. Prospective investors should consult a qualified EB-5 attorney for a comprehensive assessment of their source-of-funds documentation, project progress, and optimal timing to leverage grandfathering protections.

References are drawn from official USCIS guidance (uscis.gov), the EB-5 Reform and Integrity Act of 2022 (Pub. L. 117-103), and industry reports through February 2026