Annual report

Not later than 1 year after the date of the enactment of this Act, and annually thereafter, the Secretary of Homeland Security shall submit a report to Congress that includes, with respect to the previous 12-month period— (1) the number of applications for approval of an investment and associated petitions submitted by eligible investors for housing projects pursuant to section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)), as amended by section 2; (2) the number of such applications and associated petitions that were approved; (3) the country of origin of eligible investors who submit petitions described in paragraph (1); (4) the aggregate number of housing units to be constructed for all housing projects included in approved applications under section 203(b)(5)(F) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)(F)); (5) an assessment of any regulatory, programmatic, or other barriers that may prevent or hinder financing described in section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) for housing development, including for small and local developers; (6) an assessment of the impact of the amendments made by section 2 on the number of applications and associated petitions described in paragraph (2) received by the Secretary of Homeland Security; and (7) additional authorities needed by the Department of Homeland Security to better incentivize immigrant investments in housing projects;