Building Housing for the American Dream Act

This bill changes the EB-5 immigrant investor visa program, which gives green cards to foreign investors who put money into U.S. projects, to add housing projects to the types of projects that qualify for set-aside visas. It defines a housing project as an investment project that mainly produces, preserves, or rehabilitates rental housing or homes sold only for use as a main residence. The Department of Homeland Security would have to process applications first for housing projects tied to certain federal housing assistance programs, and could consult with the Department of Housing and Urban Development and hire staff to review them. For one year, certain federal paperwork rules would not apply to carrying out the bill. Homeland Security would report to Congress each year on housing-related applications, and the Government Accountability Office would review the results every 3 years.

Full text and official record on Congress.gov

Sponsors

• Ruben Gallego Democrat sponsor
• 0 cosponsors