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On December 4, 2025, Senator Ruben Gallego (D-AZ) introduced the Building Housing for the American Dream Act, a piece of legislation that seeks to leverage the economic power of the EB-5 Immigrant Investor Program to address the critical shortage of housing and affordable units across the United States.
For our clients—both foreign investors seeking a pathway to permanent residency and U.S. developers seeking project capital—this bill represents a meaningful and practical expansion of the EB-5 program with potentially far-reaching benefits.
What the Bill Proposes: Lowering Barriers for Housing Investment
The core of the EB-5 program provides a Green Card pathway for foreign nationals who invest in a new commercial enterprise that creates at least 10 full-time American jobs. The required investment amount is currently $$1.05 million, which is lowered to $800,000 for projects located in a Targeted Employment Area (TEA) or Infrastructure projects.
Senator Gallego’s bill aims to specifically channel more EB-5 capital into housing development by introducing two key reforms:
1. Lowered Investment Threshold for Housing Projects
The proposed legislation would extend the lower $800,000 investment threshold to projects focused on the production, preservation, or rehabilitation of housing—including both rental units and homes intended for purchase as a principal residence.
Crucially, it clarifies that affordable housing projects—especially those supported by established federal programs (like LIHTC or Section 202)—would qualify for this discounted investment tier, making them significantly more attractive to EB-5 investors.
2. Expedited Processing for Affordable Housing Investments
The bill includes provisions for expedited visa processing for petitions tied directly to affordable housing initiatives. This is a game-changer for investors who often face lengthy processing times.
In essence, the bill creates a new, dedicated, and incentivized avenue for housing within the EB-5 framework.
The Practical Impact for Developers and Investors
This legislation, if passed, offers a win-win scenario:
| Stakeholder | Current EB-5 Hurdle for Housing | Solution Proposed by the Bill |
| U.S. Developers | Affordable housing projects often lack the deep capital stack needed, and may not qualify for the lower TEA threshold. | Provides a new, dedicated pool of capitalat the lower $800,000 level for essential housing projects, closing financing gaps. |
| EB-5 Investors | Projects in high-demand metropolitan areas often require the higher $1.05M investment, and processing times can be unpredictable. | Offers access to the lower $800,000 threshold and the critical incentive of expedited processing for investment in high-impact projects. |
By treating housing construction and rehabilitation as a form of national infrastructure, the bill mobilizes foreign capital to address a domestic affordability crisis, creating jobs for American workers in the process.
Cohen, Tucker + Ades: Your Immigration and Investment Partner
While the Building Housing for the American Dream Act still needs to navigate the legislative process, its introduction is a strong indicator of policy momentum to modernize and utilize the EB-5 program for public good.
Our firm is closely monitoring this bill and its potential impact. We advise both developers and prospective EB-5 investors to be proactive in exploring how a housing-focused EB-5 model could fit into their plans.
If you are a foreign investor interested in the expanded opportunities within the EB-5 visa program, or a developer seeking to utilize this new capital source for your housing project, contact Cohen, Tucker + Ades today. We are prepared to offer sophisticated guidance on qualifying projects, capital structuring, and the complex immigration requirements under the EB-5 Reform and Integrity Act (RIA).
Contact us for a consultation: (212) 840-0050 or info@cohentuckerlaw.com
Disclaimer: This blog post contains general information and is for informational purposes only. It is not legal advice and does not create an attorney-client relationship between you and Cohen, Tucker + Ades P.C. Immigration laws and fee schedules are subject to frequent change. The information provided herein may not reflect the most current legal developments. You should not act or refrain from acting based on information contained in this post without seeking professional counsel from an attorney licensed in your jurisdiction. Cohen, Tucker + Ades P.C. expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this post.
Sources:
eb5 investors | New bill seeks to channel EB-5 investors funds into U.S. affordable housing
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