The Building Housing for the American Dream Act expands the EB-5 immigrant investor visa program to include housing development projects alongside the existing infrastructure and commercial investment options. Under the bill, foreign investors who fund housing projects—whether for rental, purchase, or rehabilitation—can obtain permanent residency, and the Department of Homeland Security must prioritize processing applications for housing projects that receive federal assistance from programs like the Low-Income Housing Tax Credit. The legislation also grants DHS authority to hire additional staff and consult with the Department of Housing and Urban Development to review these applications, and it temporarily exempts the immigration benefits portion from standard federal paperwork reduction requirements to speed implementation. Beginning one year after enactment, DHS must submit annual reports to Congress on the number of applications, approvals, housing units created, and any barriers to this type of immigrant investment, while the Government Accountability Office will conduct detailed effectiveness reviews every three years for the next decade.
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