Building Housing for the American Dream Act

This bill significantly amends the EB-5 immigrant investor visa program by expanding its scope to include investments in housing projects. It specifically defines a housing project as a capital investment focused on the production, preservation, or rehabilitation of rental housing or housing for principal residences. A key provision prioritizes the processing and adjudication of applications for housing projects that are acquired through various Federal project-based assistance programs , such as: Section 202 of the Housing Act of 1959 Section 42 of the Internal Revenue Code of 1986 (Low-Income Housing Tax Credit) The HOME Investment Partnerships Act To ensure effective implementation and oversight, the bill includes several reporting requirements. It grants a one-year exemption from the Paperwork Reduction Act to facilitate expeditious implementation. The Secretary of Homeland Security is mandated to submit annual reports to Congress, detailing the number of applications, approvals, investor origins, and the aggregate number of housing units to be constructed. Furthermore, the Government Accountability Office (GAO) is required to conduct a comprehensive review every three years for nine years, assessing the effectiveness of these amendments in increasing immigrant investments in housing projects.