Building Housing for the American Dream Act
Summary
The "Building Housing for the American Dream Act" aims to amend the Immigration and Nationality Act to incentivize investments in housing projects, including low-income housing, through the EB-5 visa program. It prioritizes the processing of EB-5 visa petitions for housing projects acquired through federal assistance programs. The Act also mandates annual reports to Congress on the program's impact and a Government Accountability Office (GAO) review of its effectiveness.
Expected Effects
This act is likely to increase the supply of housing, particularly low-income housing, by attracting foreign investment through the EB-5 visa program. It could streamline the approval process for housing projects that utilize federal assistance, potentially accelerating development. The reporting requirements will provide data on the program's performance and identify potential barriers to investment.
Potential Benefits
- Increased housing supply, especially low-income housing.
- Economic stimulus through foreign investment.
- Streamlined approval processes for certain housing projects.
- Job creation in the construction and related industries.
- Potential for improved community development through new housing options.
Potential Disadvantages
- Potential for fraud or abuse within the EB-5 program.
- Possible displacement of local developers by larger, foreign-backed projects.
- Increased demand on local infrastructure and services.
- Risk of prioritizing foreign investors over domestic needs.
- The act exempts paperwork requirements for one year, which could lead to reduced oversight.
Constitutional Alignment
The Act aligns with the Constitution's general welfare clause (Preamble) by promoting housing and economic development. Congress has the power to establish immigration laws (Article I, Section 8, Clause 4). The Act's reporting requirements ensure accountability to Congress, supporting its oversight role.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).