Latest EB-5 News
Good News for Economic Models
RIMS II is a common input-output economic model used for RCs to project job creation. The Bureau of Economic Analysis (BEA) had announced that it suspended and planned to retire RIMS II. However, the BEA now says that in 2015, it plans to release a modified economic model to replace the original RIMS II. Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.
The modified model will be updated with data from years ending in two and seven only. The modified model will become available in 2015, and incorporate 2007 benchmark data and 2012 regional economic data. Until the modified model is available in 2015, people may continue to buy RIMS II multipliers.
Today the Department of State (DOS) issued its August 2, 2014 Visa Bulletin, the next to last for fiscal year 2014. There is no EB-5 retrogression as some predicted. In 30 days we will see the September bulletin and whether the China EB-5 quota will be exhausted or not for this fiscal year.
New Regional Center
We have had another regional center granted. It involves a large office building complex. It was granted in seven months with no Request For Evidence (RFE).
USCIS again has issued a notice for comments regarding new EB-5 rules. I think it is best to wait for the USCIS’ proposed rules to be issued to comment.