EB-5 Real Estate Projects: Multifamily, Hospitality, and Mixed Use

Real estate has been the dominant project category in the EB-5 investment immigration program since its inception. According to data published by USCIS and industry analysis from the Invest in the USA (IIUSA) trade association, an estimated 85 to 90 percent of all EB-5 capital deployed through regional centers has been directed toward real estate development projects. This concentration is not accidental. Real estate projects offer a combination of characteristics that align uniquely well with the structural requirements of the EB-5 program: substantial construction expenditures that generate significant job creation estimates, tangible collateral that provides a measure of capital protection, and a well understood economic modeling framework that USCIS has reviewed and approved in thousands of prior cases. This article provides an analytical overview of the three most common real estate project types in the EB-5 program: multifamily housing, hospitality and hotel developments, and mixed use projects. For each category,...