[Q] What is my status if I have to file new, 2nd I-526 and pursue another I-485 for CPR under Neufeld memo?
[Q] As per the new EB 5 guidelines contained in the December 11, 2009 Neufeld guidance memo governing "material change", I may need to apply for a fresh I-526, and once this gets approved I need to abandon my CPR using form 407 and reapply for adjustment of status again. My question is what would be my status after abandoing of CPR and waiting for adjustment of status the second time around? Can I live and work here legally while waiting for adjustment of status the second time around? Also I read somewhere that you cannot apply twice for adjustment of status under INA 245(a) - if so what does one do?
First, in the event you accept the validity of the Neufeld memo as the correct application of the EB-5 law AND you accept the fact that there was "material change" -- which USCIS has not explained or defined clearly -- then yes, you may file a new, second I-526 immigrant petition and file I-407 to give up the existing CPR and then submit a new I-485 to acquire a new CPR. Your status would be the same status you would have whenever someone files I-485 -- which is legal status which allows you to work and travel as long as you apply for EAD and Travel Permit.
Presumably, USCIS allows an alien who entered the U.S. as a CPR to adjust under 245(a) because he or she gave up the CPR.