Regional Centers were authorized through a pilot program established by Congress in 1992. The program benefits foreign investors by allowing them to meet the EB-5 program job creation requirements through direct, indirect, or induced job creation.
Funds and projects considering Regional Center designation as a tool to attract foreign investment must obtain pre-approval from the Department of Homeland Security. Their initial application for such designation, the Form I-924, must identify a clear geographic area for the regional center and provide a detailed economic description of how capital investment within the designated area will create direct or indirect jobs. This description must be supported by a detailed analysis based on sound economic forecasting tools, and the proposed Center must also provide a detailed prediction of the center’s regional and national impact on household earnings, business services, utilities, maintenance, and repair and construction within and outside the regional center. The proposed Center must also describe its administrative structure and explain how it will be promoted to attract investors, identify, assess, and evaluate investor projects, structure its investment capital, and oversee all investment activities. The purpose of such an application would be to clearly show how a subsequent I-526 petition filed by a new investor in the regional center would be approvable. Regional Centers located in a high unemployment area qualifying for such designation may be supported by investments of $500,000 rather than $1,000,000.
Chicagoland is home to several major Regional Centers, including the Chicagoland Foreign Investment Group, the Intercontinental Regional Center Trust of Chicago, and the US HITEC Regional Center. As a national immigration law firm, Kriezelman Burton and Associates works with Regional Centers located throughout the United States.