# A History of EB-5: From 1990 to the RIA

> A timeline of the EB-5 program from its creation in 1990 and the 1992 regional center pilot through repeated short-term extensions, the 2019 modernization rule, the 2021 lapse, the 2022 RIA, and the 2027 sunset.

- URL: https://eb5policy.com/policy/eb5-history-timeline/
- Language: en
- Category: policy
- Published: 2026-08-04
- Tags: history, regional centers, RIA

## Why the history matters

The EB-5 immigrant investor program (Employment-Based Fifth Preference) has never been a static set of rules. Over more than three decades it has been extended many times, rewritten by regulation, reshaped by litigation, and once allowed to lapse for roughly nine months. Almost every feature investors deal with today, from the investment amounts and Targeted Employment Area (TEA) designation to visa set-asides and integrity oversight, has a specific origin. Knowing that history helps investors judge which rules are settled and which remain exposed to change, and explains why two dates, September 30, 2026 and September 30, 2027, appear so often on this site.

## Timeline at a glance

| Date | Event | Significance |
|---|---|---|
| 1990 | Immigration Act of 1990 creates EB-5 | Codified at INA 203(b)(5); requires an investment that creates at least 10 full-time jobs |
| 1992 | Congress creates the Regional Center Pilot Program, implemented from 1993 | Allows indirect and induced jobs to be counted through regional centers |
| Late 1990s to 2012 | Pilot program reauthorized several times | Extensions ranged from years to months; the program never became permanent law |
| 2015 to 2021 | Series of short-term extensions attached to appropriations bills | Repeated expiration dates kept the industry in a prolonged state of uncertainty |
| November 21, 2019 | EB-5 Modernization Rule takes effect | Investment amounts raised to $1,800,000 / $900,000 (TEA); TEA designation moved to DHS |
| June 22, 2021 | Court vacates the Modernization Rule (Behring Regional Center v. Wolf) | Amounts revert to $1,000,000 / $500,000 |
| June 30, 2021 | Regional center authorization expires; program lapses | No new regional center filings accepted; pending cases put on hold |
| March 15, 2022 | EB-5 Reform and Integrity Act of 2022 (RIA) signed into law | Ends the lapse; authorizes the program through September 30, 2027; overhauls amounts, TEAs, set-asides, and integrity measures |
| September 30, 2026 | RIA grandfathering cutoff | I-526E petitions filed on or before this date continue to be adjudicated even if the program later lapses |
| September 30, 2027 | Current regional center authorization expires | Further congressional action required |

## 1990: the program is created

The Immigration Act of 1990 added a fifth employment-based preference to attract foreign capital and create U.S. jobs. The statute required an investor to place capital in a new commercial enterprise (NCE) and to create at least 10 full-time positions for qualifying U.S. workers. The minimum investment was set at $1,000,000, or $500,000 for a project in a targeted employment area. Those figures remained unchanged for nearly thirty years, until the 2019 modernization rule.

In its early years EB-5 was primarily a direct-investment program: the investor, or the business the investor funded, had to employ workers directly. For most overseas investors this was a demanding structure, and filing volumes stayed modest.

## 1992: the regional center pilot

To make the program more accessible, Congress created the Regional Center Pilot Program in 1992, implemented from 1993. Its central innovation concerned job counting. Using economic models, investors in a regional center project could count indirect and induced jobs toward the 10-job requirement rather than hiring employees directly. This allowed large real estate and infrastructure projects to pool capital from many investors, and regional centers gradually became the dominant channel for EB-5.

One point deserves emphasis: the regional center program was created as a pilot with a statutory expiration date, whereas the direct-investment category of EB-5 is permanent law and does not depend on reauthorization. That distinction has resurfaced during every lapse since.

## Late 1990s to 2015: extensions and rule-making

The pilot was reauthorized several times during the late 1990s and 2000s, for periods of varying length. In parallel, the administrative framework took shape. Through precedent decisions and policy memoranda, the immigration agencies clarified what it means for capital to be "at risk," the evidentiary standard for lawful source of funds, and the methods for counting job creation. Most of those rules remain in force and were later codified in the RIA.

## 2015 to 2021: the short-term extension cycle

When the authorization then in effect expired on September 30, 2015, the regional center program entered a long cycle of short-term extensions. Congress repeatedly carried the program forward through appropriations acts and continuing resolutions, often for weeks or months at a time, without agreeing on substantive reform. Several reform bills were introduced but none passed, leaving investment amounts, the TEA definition, and integrity oversight unresolved.

The uncertainty had practical consequences for investors and projects alike. Each approaching deadline produced a surge of filings, while the absence of legislation allowed backlogs to grow.

## 2019 to 2021: the Modernization Rule and its vacatur

With Congress unable to legislate, the Department of Homeland Security (DHS) pursued reform by regulation. The EB-5 Modernization Rule took effect on November 21, 2019, raising the minimum investment to $1,800,000, or $900,000 in a TEA, and transferring authority over high-unemployment TEA designations from the states to DHS.

On June 22, 2021, however, a federal court in Behring Regional Center v. Wolf vacated the rule on procedural grounds, and the amounts reverted to $1,000,000 / $500,000. Eight days later, on June 30, 2021, the regional center authorization expired without an extension and the program lapsed. For roughly nine months regional center projects could not accept new investor petitions, and large numbers of pending cases were held. For a closer look at that period, see [Regional Center Reauthorization in 2027: Lessons from Past Lapses](/policy/rc-reauthorization-2027/).

## 2022: the RIA overhaul

The EB-5 Reform and Integrity Act of 2022 was signed into law on March 15, 2022, ending the lapse and authorizing the regional center program through September 30, 2027. The RIA was not a simple extension but a systematic rebuild of the program. Its main elements include:

1. **Investment amounts**: $800,000 for TEA projects, $1,050,000 for non-TEA projects, and $800,000 for infrastructure projects, adjusted for CPI-U every five years from 2022, with the next adjustment on January 1, 2027.
2. **TEA designation**: made uniformly by DHS/USCIS; states no longer issue TEA letters.
3. **Reserved visas**: 20% rural, 10% high-unemployment, 2% infrastructure, for a combined 32%.
4. **Integrity oversight**: regional centers must file Form I-956 for designation, Form I-956F for each project, and Form I-956G annually, and contribute to an EB-5 Integrity Fund.
5. **Concurrent filing**: applicants lawfully in the United States may file Form I-485 together with Form I-526E when a visa number is available.
6. **Grandfathering**: I-526E petitions filed on or before September 30, 2026 continue to be adjudicated and remain eligible for visas even if the program later lapses.

For a fuller summary, see [The RIA in Brief](/policy/ria-overview/).

## 2026 and 2027: the next milestones

Under current law the regional center authorization expires on September 30, 2027. What is different this time is that the RIA, for the first time, wrote a grandfathering clause into the statute, giving clear protection to petitions filed on or before September 30, 2026. If Congress stalls again in 2027, investors who have already filed should not face a repeat of the 2021 hold. For details, see [The Grandfathering Clause: Why September 30, 2026 Matters](/policy/grandfathering-clause-2026/).

## Key takeaways

- EB-5 was created in 1990 and its direct-investment category is permanent law; the regional center program began as a 1992 pilot and has always depended on periodic reauthorization.
- The 2015 to 2021 cycle of short-term extensions, culminating in the lapse on June 30, 2021, is the main source of the program's reputation for uncertainty.
- The 2019 Modernization Rule raised the amounts to $1,800,000 / $900,000 and was vacated by a court on June 22, 2021.
- The RIA took effect on March 15, 2022, setting the $1,050,000 / $800,000 amounts, visa set-asides, integrity oversight, and grandfathering, with authorization through September 30, 2027.
- September 30, 2026 is the grandfathering cutoff and September 30, 2027 is the current sunset date; they mean different things.