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119-s-3309119th CongressWALLET

Building Housing for the American Dream Act

Sponsored By: Senator Gallego, Ruben [D-AZ]

Introduced

Summary

Would expand EB-5 eligibility to explicitly include housing projects. The bill aims to steer immigrant investment toward the production, preservation, or rehabilitation of rental housing and owner-occupied homes, and it pairs that change with priority review, temporary paperwork relief, and new reporting and oversight.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

New EB-5 route for housing

If enacted, the bill would add "housing projects" to the EB-5 investor visa rules. Housing projects must mainly produce, preserve, or rehab rental homes or homes sold only as a primary residence and have an application filed or approved under the listed subparagraph. The bill would direct DHS to give faster processing to EB-5 petitions for housing projects acquired through certain federal project-based assistance programs. DHS could consult with HUD and hire staff to review these housing-related EB-5 applications, so immigrant investors and developers would be able to use EB-5 funds for qualifying housing projects starting upon enactment.

Temporary paperwork exemption for EB-5

If enacted, DHS would be allowed for one year after enactment to exempt information collections needed to implement this Act from the Paperwork Reduction Act. The exemption would apply only when the Secretary decides the usual review would slow setting up the new rules. This would speed implementation and could reduce forms investors and developers must fill for that year.

Sponsors & CoSponsors

Sponsor

Gallego, Ruben [D-AZ]

AZ • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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