Incentives for EB–5 visa petitions involving housing projects

Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) is amended— (1) in subparagraph (C)(ii)— (A) in the subparagraph heading, by striking and infrastructure projects and inserting, infrastructure projects, and housing projects; and (B) by striking or in an infrastructure project and inserting, an infrastructure project, or a housing project; (2) in subparagraph (D)— (A) by redesignating clauses (iv), (v), (vi), (vii), and (viii) as clauses (v), (vi), (vii), (viii), and (ix), respectively; (B) by inserting after clause (iii) the following: (iv) Housing project The term housing project means any capital investment project for which an application has been filed or approved under subparagraph (F) that includes, as a primary component, the production, preservation, or rehabilitation of rental housing or housing available for purchase only for use as a principal residence.; and (3) in subparagraph (E)— (A) in clause (ii)— (i) by redesignating subclauses (II) and (III) as subclauses (III) and (IV), respectively; (ii) by inserting after subparagraph (I) the following: (II) shall prioritize the processing and adjudication of applications for approval of an investment and associated petitions for housing projects that are acquired through a Federal project-based assistance program, including— (aa) section 202 of the Housing Act of 1959 (12 U.S.C. 1701q); (bb) section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568); (cc) section 42 of the Internal Revenue Code of 1986; (dd) title I of the Housing and Community Development Act of 1974 (42 U.S.C. 5301 et seq.); (ee) the HOME Investment Partnerships Act (title II of Public Law 101–625; 42 U.S.C. 12721 et seq.); and (ff) section 11 of the Housing Opportunity Program Extension Act of 1996 (42 U.S.C. 12805 note).; and (iii) in subclause (III), as redesignated, by inserting subject to subclauses (I) and (II) before may process; and (B) by adding at the end the following: (viii) Consultation and hiring In reviewing applications for approval of an investment and associated petitions under this paragraph for housing projects, the Secretary may consult with the Secretary of Housing and Urban Development and hire such staff as may be necessary to effectively review and adjudicate such applications and associated petitions..