LAWMAKS PRELIMINARY ANALYSIS NO.1

DHS Releases Proposed EB-5 Regulations Proposed Changes to Bridge Financing and Job Creation

Document: EB-5 Reform and Integrity Act of 2022; Ensuring the Integrity of the EB-5 Program; Automatic Revocation of Petitions for Immigrant Classification

Document Type: Notice of Proposed Rulemaking (NPRM)

RePublished: July 2, 2026

Important

This preliminary analysis addresses only one aspect of the proposed rule: bridge financing and its proposed impact on EB-5 job creation. Additional Lawmaks Preliminary Analyses addressing other significant provisions of the proposed regulations will follow.

On July 2, 2026, DHS released a Notice of Proposed Rulemaking (NPRM) to implement the EB-5 Reform and Integrity Act of 2022.

Nothing changes today.

This is not a final rule. DHS will accept public comments for 60 days before deciding whether to issue a Final Rule.

If a Final Rule is ultimately issued, DHS states that the regulations are generally intended to apply prospectively, meaning primarily to future filings, future projects, or future actions after the rule becomes effective. However, the NPRM also recognizes that certain provisions may ultimately be applied differently depending on the final language adopted. For purposes of this analysis, the key point is simple: nothing changes today, and the exact application of this proposed bridge financing provision to existing and future EB-5 projects will ultimately depend on the Final Rule.

1. Current EB-5 Policy

Today, bridge financing is generally permitted if it is temporary and is expected to be replaced by EB-5 capital. In many cases, jobs created while the bridge loan is in place can still count for EB-5 purposes.

2. What Is Being Proposed?

In practical terms, if a project creates jobs using bridge financing and the EB-5 money comes in later mainly to repay or replace that bridge loan, DHS appears to be proposing that those jobs may no longer be creditable for EB-5 purposes. The proposal appears designed to ensure that the EB-5 investment actually helps create the jobs, rather than simply repaying a bridge loan after the jobs have already been created.

3. The Most Important Question

This proposal is really about timing.

The question is simple:

Did the EB-5 investment help create the jobs, or did the EB-5 money arrive after the jobs had already been created?

4. Example 1

A project:

• Obtains a bridge loan to finance construction.

• Uses the bridge loan to build all or a substantial portion of the project. 

• Creates the qualifying jobs while the project is being financed by the bridge loan. 

• Later uses EB-5 investment capital to repay or replace that bridge financing.

If this proposal is adopted in a Final Rule, those jobs may be less likely to qualify for EB-5 because they were created before the EB-5 investment was used to help finance the project.

5. Example 2

A project:

• Obtains temporary bridge financing as part of its overall financing plan. 

• Plans from the beginning to include EB-5 financing. 

• Receives and deploys EB-5 investment capital while construction and job creation are still ongoing.

• The EB-5 investment helps finance the project before all of the qualifying jobs have been created.

If this proposal is adopted in a Final Rule, those jobs may be more likely to qualify because the EB-5 investment helped finance the project while the jobs were still being created.

6. Practical Takeaway

If this proposal is adopted in a Final Rule, your project may be in a stronger position to support its EB-5 job creation analysis if you can answer “Yes” to most of the following questions:

• Was EB-5 financing part of the original financing plan?

• Was the EB-5 money invested before or while the jobs were being created?

• Was the EB-5 money actually used to help pay for construction or other job creating activity?

• Can you clearly show that the EB-5 investment helped create the jobs being claimed?

7. Bottom Line

The proposal is now entering the 60-day public comment period, during which DHS will receive comments from stakeholders before deciding whether to issue a Final Rule. As a result, the final regulation may look different from the proposal released today.

Nothing changes today.

However, if the bridge financing provisions remain substantially the same in a Final Rule, they could significantly change how bridge financing is structured in future EB-5 projects. Lawmaks will continue to monitor the rulemaking process and provide updates as additional guidance becomes available.

This reflects Lawmaks’ preliminary review of a proposed rule and is intended solely to facilitate discussion among EB-5 professionals. It is not legal advice, should not be relied upon as legal advice, and does not create an attorney-client relationship. Because this is a proposed rule, our analysis may change as DHS reviews public comments and issues a Final Rule.