Understanding what goes into an I-956F filing package is important—but understanding what USCIS scrutinizes most closely is critical. For EB-5 investors evaluating regional centers, knowing how USCIS evaluates I-956F petitions provides insight into which sponsors can navigate regulatory requirements successfully.
Walter Gindin, General Counsel at CanAm Enterprises, explains the key aspects USCIS evaluates when deciding whether a project meets requirements under the EB-5 Reform and Integrity Act (RIA). While the statute outlines broad documentation categories, USCIS focuses intensely on specific elements that demonstrate project credibility and viability.
Matter of Ho Compliance: The Foundation of I-956F Credibility
When reviewing I-956F business plans, USCIS applies what Walter describes as “matter of Ho compliance” standards—a precedent decision establishing that business plans must be both comprehensive and credible.
“The fundamental requirements of what USCIS looks for post-RIA and pre-RIA haven’t really changed that much,” Walter explains. “They still want the business plan to be matter of Ho compliant. It has to be comprehensive; it has to be credible.”
Credibility is project-specific. “The credibility of the business plan is critical. Every project is different, and everyone who puts together a business plan needs to know what the key features and components of that particular project are.”
Additionally, USCIS wants evidence that the project will actually start. “At the very beginning, you have to prove that there are enough pieces in place to make this project successful. It’s not just some whim—the project will actually start.”
The Five Critical Components USCIS Scrutinizes Most
Based on CanAm’s experience with 15 I-956F approvals under the RIA, Walter identifies five critical components that receive the most USCIS scrutiny.
1. Capital Stack: Is All Financing in Place?
Perhaps no element receives more scrutiny than the capital stack. If EB-5 capital represents just one piece alongside senior loans, equity, or government financing, USCIS wants to see how all the pieces fit together.
“You have to show [USCIS] that the pieces are there, ideally at the time that you’re submitting it,” Walter emphasizes.
If commitments aren’t secured at filing, regional centers must demonstrate a realistic plan with a short timeframe. “If the financing is not in place at the time of filing, USCIS will issue maybe an RFE. Maybe they’ll issue a Notice of Intent to Deny (NOID) if they have less patience. If it’s not in place, critically important, there’s a plan that you’re not going to be waiting a year or two years because that inquiry from USCIS can come real quick.”
2. Budget and Schedule: Do They Align with Job Creation?
USCIS evaluates whether the project budget and construction timeline are reasonable—and whether they align with job creation projections.
“They want to understand that the budget and the schedule are reasonable,” Walter explains. “The budget and the schedule will tie into the jobs.”
To demonstrate reasonableness, CanAm obtains validation from qualified professionals. “We work with our development sponsor who also works with their general contractor to provide not only the budget and the schedule, but also a letter or representation to say we believe that in our estimate at this time, the budget and the schedule are reasonable.”
3. Permits: Are Governmental Approvals in Place?
Governmental permits demonstrate that a project has cleared regulatory hurdles and is ready to commence work.
“Permits are very important. You want to show that you have the approvals, whether governmental, local, or otherwise, to actually commence work. If you can’t do that, USCIS will typically ask for it.”
4. Sponsor Expertise: Is There a Qualified Team?
USCIS evaluates the people behind the project. Regional centers must demonstrate that qualified sponsors with relevant expertise will execute the project.
“We describe the sponsorship, the expertise behind a project because USCIS wants to see that there’s expertise behind the project that is going to see it through,” Walter explains. This includes documenting previous projects, experience in the asset class, and financial capacity.
5. Job Study Credibility: Does the Analysis Meet RIA Standards?
The economic impact analysis receives intense scrutiny, particularly because RIA changed job creation methodology.
“In the job study, those rules have changed quite a bit since the RIA was enacted. USCIS will focus on the credibility of the business plan and the credibility of the economic impact analysis.” The job study must align with the budget and schedule. Any disconnects undermine credibility.
Why Project Readiness Matters: CanAm’s Conservative Approach
Understanding what USCIS scrutinizes explains why CanAm takes a conservative approach to bringing projects to market. Min Wu, Head of Sales, describes the philosophy:
“We try to show USCIS how ready the project is. We don’t want to put any project on the market or file the petition unless we feel comfortable that every element of the project is almost ready.”
This means ensuring capital stack commitments are secured, budgets are validated, permits are obtained, sponsors are qualified, and job projections align with project specifics before filing. While this preparation takes time, it addresses the exact elements USCIS scrutinizes most.
As Walter explains: “Our primary goal is to get that approval without an RFE, without a NOID. We want to give them the most comprehensive, credible application. We want to be transparent.”
This approach has yielded results: 15 I-956F approvals under the RIA, most within four to nine months.
How Gaps Lead to I-956F Denials
Walter identifies patterns that cause problems: missing capital stack elements, financing structures USCIS considers too complex, budget or schedule questions regional centers can’t adequately address, or incomplete permit documentation.
The key is not experimenting with novel approaches. “We don’t try to reinvent the wheel.” Even across diverse asset classes, CanAm maintains consistent structures USCIS understands and accepts.
“We know what works within EB-5 after all of these years. We don’t want to be the regional center that starts something new. We want to continue with what has been working.”
Evaluating Regional Centers Through USCIS Scrutiny
For EB-5 investors, understanding what USCIS scrutinizes provides a framework for evaluating regional centers. Questions to consider:
- Does the regional center have capital stack commitments before filing?
- Are budgets validated by qualified third parties?
- Has the project obtained the necessary permits?
- Do sponsors have documented expertise?
- Does the economic impact analysis align with project budgets?
Regional centers that address these points proactively demonstrate the expertise and commitment that increase I-956F approval likelihood.
The Value of Experience in Navigating USCIS Scrutiny
Walter emphasizes that CanAm collaborates with experienced EB-5 and corporate attorneys when needed. This collaborative approach, combined with internal expertise developed over three decades and 75+ projects, allows CanAm to anticipate what USCIS will scrutinize and address concerns before filing. The result: 100% USCIS project approval rate and consistently strong processing times.
For investors, choosing a regional center with this experience means choosing a sponsor who understands not just what documents to submit, but what USCIS evaluates most closely—and how to structure projects to withstand that scrutiny successfully.
Partner with a Regional Center That Understands USCIS Scrutiny
Knowing what USCIS scrutinizes is the first step—choosing a regional center with proven expertise is what matters most. CanAm Enterprises brings three decades of EB-5 experience:
- $3.9 billion+ raised in EB-5 capital across 75+ projects
- $2.5 billion+ in capital successfully returned to investors
- 16,900+ conditional green cards issued to CanAm investors
- 9,300+ permanent green cards issued—demonstrating successful I-829 outcomes
- 15 I-956F approvals under the RIA—most approved within 4-9 months
- 100% USCIS project approval rate
Our legal team addresses USCIS scrutiny proactively by ensuring capital stack commitments are secured, budgets are validated, permits are obtained, sponsors have documented expertise, and job studies align with project specifics. This reduces RFE risk and positions investor petitions for success.
Ready to learn how CanAm addresses USCIS scrutiny in our I-956F filings?
Contact our sales team today to discuss your EB-5 options and get personalized guidance on choosing projects backed by thorough documentation and proven expertise.
Contact us at info@canamenterprises.com or +1 (212) 668-0690.
About the Contributors
Walter S. Gindin, General Counsel
Walter S. Gindin is General Counsel at CanAm Enterprises. Mr. Gindin oversees all EB-5 and corporate legal matters at CanAm and provides strategic guidance and consultation to CanAm’s executives and senior management. He earned a bachelor’s degree in economics and a master’s degree in political science from New York University. He earned his Juris Doctor (with Distinction) from the University of Iowa College of Law, where he served as an Editor on the Iowa Law Review. He is a member of the EB-5 Investor Committee of the American Immigration Lawyers Association (AILA).
Min Wu, Head of Sales
As the Head of Sales, Ms. Wu manages CanAm’s global sales team in Asia, India, the Middle East, South America, and the U.S. Ms. Wu focuses on the setting and execution of CanAm’s overall sales strategy by helping the team maintain and grow CanAm’s core network of institutional partners. Since joining CanAm in early 2016, Ms. Wu has worked extensively with investors and consultants worldwide. Prior to CanAm, she had more than 10 years of experience as a financial analyst and institutional sales manager. Ms. Wu is a Chartered Financial Analyst and holds FINRA Series 7 and 63 licenses.
