S. 3309: Building Housing for the American Dream Act

This bill, titled the Building Housing for the American Dream Act, proposes amendments to the Immigration and Nationality Act with the aim of increasing the supply of housing in the United States, particularly low-income housing. Here are the main features of the bill:

Incentives for Housing Projects

The bill modifies the current EB-5 visa program, which allows foreign investors to obtain visas in exchange for making investments in U.S. businesses. The key changes include:

• The inclusion of housing projects as eligible investments alongside infrastructure projects. This means that investments in housing development will also qualify for the visa program.

• Defining a housing project as a capital investment initiative responsible for producing, preserving, or rehabilitating rental housing or homes for purchase as primary residences.

• Prioritization of applications for investments related to housing projects that are part of federal assistance programs, such as those authorized under various federal housing acts.

• Enabling the Secretary of Homeland Security to consult with the Secretary of Housing and Urban Development while hiring additional staff to handle applications related to housing projects.

Exemption from Paperwork Reduction Act

For a period of one year after the bill is enacted, the collection of information required under this bill will be exempt from certain requirements of the Paperwork Reduction Act. This exemption aims to facilitate quicker implementation of the bill's provisions.

Reporting Requirements

The bill mandates that the Secretary of Homeland Security submit an annual report to Congress containing:

• The number of housing project applications submitted and approved.
• The countries of origin of the investors.
• The total number of housing units planned as a result of the approved applications.
• An evaluation of any barriers preventing financing for housing development.
• An analysis of the impact of the bill's amendments on the number of applications received.
• Suggestions for additional authority needed to enhance incentives for immigrant investments in housing.

Government Accountability Office Review

The bill establishes a subsequent review by the Government Accountability Office (GAO) to assess the effectiveness of the proposed changes in increasing immigrant investments in housing projects. This review is to take place three years after the bill's passage and every three years for the following nine years, with a report to several congressional committees detailing the results.

Overall Objective

The primary goal of the Building Housing for the American Dream Act is to stimulate investment in housing, making it more accessible, especially for low-income families, while facilitating faster processing of applications related to such investments.

Relevant Companies

• LEN (Lennar Corporation) - This home construction company may benefit from increased investments in housing due to the influx of foreign investors interested in housing projects.
• DHI (D.R. Horton, Inc.) - As one of the largest homebuilding companies in the U.S., D.R. Horton could see an uptick in demand for their services as housing projects funded through the EB-5 program become more prevalent.
• PHM (PulteGroup, Inc.) - This company, which focuses on residential construction, may experience growth as a result of additional housing supply driven by foreign investments.