Chúng tôi xin chúc mừng Thượng nghị sĩ Gallego về dự luật mới tận dụng Chương trình EB-5 để xây dựng nhà ở giá rẻ.

The American Immigrant Investor Alliance (AIIA) is pleased to support the introduction of the “Building Housing for the American Dream Act,” by U.S. Senator Ruben Gallego, Democrat from Arizona, whom AIIA has been honored to work with closely over the past several months. A link to the drafted bill can be found on the press release on the senator’s website.

“We thank Sen. Gallego for his commitment to working on creative solutions to solve the nation’s housing affordability problem.,” said Ishaan Khanna, speaking for AIIA. “Senator Gallego recognizes that affordable housing is essential for the 21st century but the problem has always been these types of projects despite their need do not qualify for the lower investment amount and are thus unable to attract foreign investors. This legislation creates new incentives for EB-5 investments in affordable housing projects across the country. In many areas, the high cost of living and inflation of property prices has prevented U.S. citizens from buying their first homes and renting quality apartments. By integrating the housing market with the EB-5 program we believe that this bill will not only help Americans buy homes, and also increase EB-5 investor access to quality, in-demand projects.”

AIIA applauds this legislation. It is a genuine innovation to create desperately needed affordable housing; is a great use of the EB-5 investment program, and doesn’t harm existing job creating projects or immigrant investors.

Programs such as Section 202 housing for seniors, Low-Income Housing Tax Credit (LIHTC), Community Development Block Grants (CDBG), and HOME Investment Partnerships (HOME) programs, have generated millions for construction of affordable units but consistently face funding gaps. The bill addresses a fundamental challenge in real estate finance: affordable housing developers have access to multiple federal programs but insufficient capital to fully fund projects. The bill will help mobilize foreign capital for labor-intensive projects like housing development that simultaneously address the nation’s affordable housing shortage while supporting immigration policy objectives.

The Problem: Affordable Housing Projects Currently Cannot Qualify for EB-5 Investments

The EB-5 program is mutually beneficial for both foreign investors and U.S. businesses. EB-5 has evolved into a viable alternative capital market for developers and operators. However in order for projects to qualify for this type of financing strict requirements must be me.

It’s important to acknowledge that EB-5 investments in affordable housing projects are technically permitted, but generally require a higher investment level ($1.05 million per investor versus $800,000) and are therefore less attractive investment opportunities. Affordable housing projects are usually built in metropolitan areas such as cities, where lots of workers (including high-earning professionals) are competing for existing housing, and where municipal zoning requirements often limit housing construction.

The Solution: What this Bill will Change for EB-5

The Building Housing for the American Dream Act will expand the EB-5 Infrastructure Targeted Employment Area (TEA) category into an “Infrastructure and Housing” category making set-aside immigrant visas available for affordable housing projects and allow for these projects to raise money at the lower investment tier.

The projects must be for Federal project-based housing assistance programs, and qualify under a number of separate statutes enacted for housing affordability. Projects classified under the following regimes will be applicable:

• Section 202 of the Housing Act of 1959 (for very low-income senior citizens aged 62 and older);
• Section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (for extremely low income and homeless families, through Housing Trust Fund grants to states);
• Section 42 of the Internal Revenue Code of 1986 (involving tax credits to developers to set aside portions of their building for low-income housing);
• Title I of the Housing and Community Development Act of 1974 (involving community development block grants to state and localities for low-to-moderate income housing);
• The HOME Investment Partnerships Program of the Cranston-Gonzalez National Affordable Housing Act of 1990 (for rehabilitating structures to become affordable housing for low-income persons)
• Section 11 of the Housing Opportunity Program Extension Act of 1996 (for the renovation of homes by homeowners and building of infrastructure for affordable housing communities).

Changes to the EB-5 Industry and Program Administration

Should this bill pass, AIIA foresees more affordable housing developers who have not been able to access this type of financing before now entering the market. For sponsors of affordable housing projects EB-5 may be a viable option for projects that may find it difficult to secure commercial financing in a tightened lending market. Existing investment issuers will also likely begin to raise money for housing projects, as many of them already have experience funding real estate development deals.

AIIA also foresees that the U.S. Department of Housing and Urban Development (HUD) will become involved in the EB-5 program, to assist the U.S. Citizenship and Immigration Services’ Investor Program Office in its analysis of whether a project meets the statutory criteria. The bill includes provisions for the Secretary of Housing and Urban Development to be consulted by the Department of Homeland Security for this purpose.

The bill would require the Secretary of Homeland Security to annually report to Congress on the number of visas and projects funded by the new housing provisions of the subcategory, among other provisions. AIIA applauds this move towards greater transparency and accountability with the program.

AIIA’s Involvement and Future Advocacy

AIIA was intimately involved with the production of the bill. We provided Sen. Gallego’s office with technical assistance about the EB-5 program, its internal procedures, trends among investors and investments, and an audience with stakeholders from across the industry including attorneys, business plan writers, economists, developers and broker dealers.

Our work on this bill exemplifies our commitment to advancing EB-5 legislation that serves the broader national interest while benefiting immigrant investors. By bridging the capital gap in affordable housing through integration with Section 202, LIHTC, CDBG, and HOME programs, this legislation demonstrates how EB-5 can mobilize foreign investment to address the nation’s housing shortage while creating employment opportunities. Our collaborative approach with Senator Gallego and industry stakeholders has strengthened relationships with Congress and reinforced AIIA’s position as a trusted voice on EB-5 policy. As we continue to advance our primary policy objectives—preventing investor exploitation by restricting sustainment period requirements, a permanent ‘grandfathering’ provision, and obtaining visa relief for backlogged immigrant investors—this affordable housing initiative positions AIIA to build the coalitions and credibility necessary to achieve meaningful legislative victories for our members.

As AIIA continues its advocacy for investor-friendly EB-5 reforms, we welcome support from the entire EB-5 ecosystem. If our work aligns with your interests, please consider making a donation of any amount or join our membership program to strengthen our impact with Congress and advance meaningful policy change.