USCIS Awards Civitas Investors I-526E Approval for Rural EB-5 Aspen Project

Civitas Capital Group, a Dallas-based alternative investment manager offering EB-5 investors niche opportunities in U.S. real estate, today announced that several investors in Civitas' Aspen II project have now received I-526E approvals filed earlier this year.

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This continued a trend for rural approvals for Form I-526E, Immigrant Petition by Regional Center Investor since the passage of the EB-5 Reform and Integrity Act of 2022 (RIA). The processing time for this immigrant petition approval is significantly faster compared to pre-RIA petitions, where adjudication would often stretch over several years.

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The EB-5 financing for this project is helping finance the construction of Tree Farm Lofts, a 196-unit, Class A multifamily community in Basalt, Colorado, less than a 30-minute drive from Aspen. Basalt sits in the Roaring Fork Valley (RFV), an economic hub in Western Colorado. Roaring Fork Valley is home to high-income residents and world-famous tourist destinations.

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The development qualifies as a 'rural' project (also known as a 'Targeted Employment Area,' or TEA) under the definition of the USCIS, allowing EB-5 investors the opportunity to obtain access to set-aside visas and priority processing under the EB-5 Reform and Integrity Act of 2022.

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The Tree Farm Lofts project follows Civitas' July 2023 close of its next-door property, Terraces at Tree Farm, a 72-unit Class A active adult community. The developer for both projects is Dallas, Texas-based Realty Capital. The I-956F for that project was approved in just five months, and investor I-526E approvals in that project have come in as fast as 52 days.

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Other notable aspects of Civitas' Aspen Fund II project:- I-956F received approval on May 29, 2024 - just four months after submission to USCIS- Civitas has 100% project approval across all 50 EB-5 funds- In 15 years, Civitas has worked with 1,500 investors on 50 EB-5 funds, returning over $440MM to investors