This bill changes the federal EB-5 immigrant investor rules to encourage investments in housing projects. It adds a new definition of “housing project” that covers building, preserving, or rehabilitating rental housing or homes sold for use as a primary residence. The bill directs faster processing for EB-5 applications tied to housing projects, especially those acquired through certain federal project-based assistance programs (for example, section 202, the Low-Income Housing Tax Credit under section 42, HOME, and related programs). The Department of Homeland Security (DHS) may consult with the Department of Housing and Urban Development (HUD) and hire staff to review these applications. The bill also temporarily exempts related paperwork collections from the Paperwork Reduction Act for one year if DHS finds that the Act would impede quick implementation. DHS must provide an annual report with counts of applications and approvals, countries of origin of investors, total housing units involved, and assessments of barriers. The Government Accountability Office (GAO) must review the DHS reports starting three years after enactment and every three years for nine years and report to relevant congressional committees.
The bill allows DHS to hire staff to review housing-related applications and allows a one-year Paperwork Reduction Act exemption for related information collection if DHS finds it needed. The bill text contains no public cost estimates or dollar amounts. No publicly available information on total costs or budgetary effects is included in the bill text.
The bill’s text states its purpose is to “spur an increase in the supply of housing, including low-income housing” by adding housing projects to the EB-5 investment incentives, prioritizing certain applications, and requiring coordination and reporting by DHS and GAO.
No publicly available information.