S. 3309 — Building Housing for the American Dream Act

This section amends the EB-5 regional center immigrant investor program to include housing projects—defined as capital investment projects approved under the program's business plan requirements that have as a primary component the production, preservation, or rehabilitation of rental housing or housing for purchase only as a principal residence—within the categories eligible for set-aside visas, alongside targeted employment areas and infrastructure projects. The section further requires prioritization in processing investments and associated petitions for housing projects acquired through federal project-based assistance programs, including (aa) Section 202 supportive housing for very low-income elderly persons, (bb) housing goals for Fannie Mae and Freddie Mac, (cc) the low-income housing tax credit, (dd) Community Development Block Grants, (ee) HOME Investment Partnerships, and (ff) the Housing Opportunity Program Extension; and authorizes U.S. Citizenship and Immigration Services to consult with the Secretary of Housing and Urban Development and hire staff as needed for such reviews.

This section exempts information collections required under this Act (including amendments made by this Act) or rules promulgated by the Secretary of Homeland Security to implement the Act from Paperwork Reduction Act requirements for the one-year period beginning on the date of enactment, to the extent the Secretary determines that such compliance would impede expeditious implementation. (The Paperwork Reduction Act generally requires Office of Management and Budget approval for federal collections of information used by 10 or more persons annually.)

This section directs the Secretary of Homeland Security to submit to Congress, not later than one year after enactment of this Act and annually thereafter, a report covering the previous 12-month period that includes (1) the number of applications for approval of investments and associated petitions submitted by eligible investors for housing projects under INA sec. 203(b)(5) (8 U.S.C. 1153(b)(5)), as amended by section 2; (2) the number of such applications and petitions approved; (3) the country of origin of eligible investors submitting such petitions; (4) the aggregate number of housing units to be constructed for all housing projects in approved applications under INA sec. 203(b)(5)(F); (5) an assessment of regulatory, programmatic, or other barriers hindering such financing for housing development, including for small and local developers; (6) an assessment of the impact of amendments made by section 2 on the number of applications and petitions received; and (7) additional authorities needed by DHS to incentivize immigrant investments in housing projects.

This section directs the Comptroller General of the United States to review, not later than three years after enactment and every three years thereafter for the following nine years, reports submitted pursuant to section 4 to assess the effectiveness of amendments made by section 2 in increasing immigrant investments in housing projects (as defined in section 203(b)(5)(D)(iv) of the Immigration and Nationality Act, as amended by section 2). The Comptroller General must submit a report describing the results of each review to the Senate Committees on the Judiciary and Banking, Housing, and Urban Affairs; and the House Committees on the Judiciary and Financial Services.