EB5 Investors Magazine "Top 25 issue" Volume 9 Issue 1 - Page 54

TOP CORPORATE ATTORNEYS
MICHAEL G . HOMEIER
LAW OFFICE OF MICHAEL G . HOMEIER

Michael Homeier is a long-standing leader in EB-5 securities transactions , applying his 40 years ' experience on over 500 EB-5 matters since 2009 with his prior firm Homeier Law PC and now back in solo practice . He represents primarily EB-5 issuers , regional centers , and developers drafting EB-5 securities , corporate , and transactional documents ( including PPMs ) including compliance with the new Reform & Integrity Act . Homeier is a frequent speaker on EB-5 and crowdfunding panels and webinars , and as an inspirational speaker to young adult cancer survivors ( as one himself ) on finding post-treatment life success .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
The RIA is a strongly positive improvement for the program and industry , despite the law ' s imperfections due to ambiguities and issues left unaddressed . Assigning regional centers an affirmative oversight role over the financing of EB-5 projects leverages the unique presence of RCs without imposing strict liability , strikes a balance that should go far to adding real investor protection without imposing an impossible risk burden on participating businesses . Compliance will inevitably be more complicated and more expensive , but program integrity will be strengthened and thus the appeal and utilization of the program , as immigrants realize they will be better protected than ever .
HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT ?
The redeployment issue looks drastically altered by the RIA ' s change in the sustainment period to ( apparently ) two years from deployment of the investor ' s funds into the underlying project , which should markedly reduce the time that redemption is barred . Since processing times remain wildly uncertain , I advise clients to protect investors by committing to redeployment and clearly describing up-front in the offering documents the redeployment policy and options . My firm ’ s tiered redeployment approach imparts maximum flexibility with low perceived risk , seeking to protect investors ’ money and immigration goals while simultaneously fulfilling the disclosure obligation and retaining flexibility to address the inevitable change of circumstances over time .
ROHIT KAPURIA
SAUL EWING ARNSTEIN & LEHR

Rohit Kapuria , an attorney at Saul Ewing Arnstein & Lehr LLP , regularly represents EB-5 lenders , borrowers , banks , regional centers , real estate developers and migration brokers . Kapuria ’ s practice is a dual hybrid of corporate securities and EB-5 immigration law . He has worked on over 500 EB-5 transactions , with a combined capital development cost in excess of $ 7.5 billion . Kapuria currently represents close to 25 % of the Indian born EB-5 investor market . He is also very active in Opportunity Zones , representing clients around the U . S . in such transactions . Kapuria can speak several languages and is fluent in Hindi , Urdu , Punjabi and Hausa .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
While I welcome the Act with open arms , there is much in there that remains ambiguous with respect to forthcoming policy guidance from USCIS . As of the date hereof , we have only received bits and pieces of interpretive guidance from USCIS . Some of the guidance is straightforward and some is very controversial . There are also high barriers to entry that have been introduced that could dissuade new EB-5 entrants and certainly will result in the exit of some older EB-5 players . Notwithstanding the foregoing , however , I welcome many of the new integrity provisions since it will help to create and foster far more transparency in the EB-5 process than has ever been required previously .
HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT ?
Redeployment continues to be an active area , even during the lapse of the regional center program , in which we have provided substantive advice and guidance to various clients . Of course , the COVID-19 pandemic did have a severe effect on many EB-5 projects and some of the redeployments we have worked on in the last two years have been focused on distilling unfavorable news to EB-5 investors with respect to the value of their underlying capital contributions , while also seeking consent for subsequent redeployment of their remaining funds to ensure compliance with the " at risk " requirements for the EB-5 program . Some EB-5 investors have , understandably , been quite unhappy with the news and so redeployment has also raised several other tricky issues in the last two years .
54 EB5 INVESTORS MAGAZINE