,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ccji  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #b1 #bjbe,mr4 
,gallego introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on !
 ,judici>y  ,a ,,bill  ,to am5d section 
#bjc7;b77#e7 ( ! ,immigration &         
,nationality ,act to spur an increase 9 
! supply ( h\s+1 includ+ l[-income h\s+1
 9 ! ,unit$ ,/ates4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,build+ ,h\s+ 
= ! ,am]ican ,dream ,act4  #b4          
,inc5tives = ,,eb-#e visa petitions     
involv+ h\s+ projects ,section          
#bjc7;b77#e7 ( ! ,immigration &         
,nationality ,act 7#h ,u4,s4,c4         
#aaec7;b77#e77 is am5d$-- 7#a7 9        
subp>agraph 7,c77ii7-- 7,a7 9 !         
subp>agraph head+1 by /rik+ &           
infra/ructure projects & ins]t+ 1       
infra/ructure projects1 & h\s+ projects2
 &  7,b7 by /rik+ or 9 an infra/ructure 
project & ins]t+ 1 an infra/ructure     
project1 or a h\s+ project2  7#b7 9     
subp>agraph 7,d7-- 7,a7 by r$esignat+   

clauses 7iv71 7v71 7vi71 7vii71 & 7viii7
 z clauses 7v71 7vi71 7vii71 7viii71 &  
7ix71 respectively2  7,b7 by ins]t+ aft]
 clause 7iii7 ! foll[+3  7iv7 ,h\s+     
project ,! t]m h\s+ project means any   
capital inve/m5t project = :i* an       
application has be5 fil$ or approv$ "u  
subp>agraph 7,f7 t includes1 z a prim>y 
compon5t1 ! production1 pres]vation1 or 
rehabilitation ( r5tal h\s+ or h\s+     
available = pur*ase only = use z a      
pr9cipal resid5ce4  2 &  7#c7 9         
subp>agraph 7,e7-- 7,a7 9 clause 7ii7-- 
7i7 by r$esignat+ subclauses 7,,ii7 &   
7,,iii7 z subclauses 7,,iii7 & 7,,iv71  
respectively2  7ii7 by ins]t+ aft]      
subp>agraph 7,i7 ! foll[+3  7,,ii7 %all 
prioritize ! process+ & adjudication (  
applications = approval ( an inve/m5t & 
associat$ petitions = h\s+ projects t   
are acquir$ ?r\gh a ,f$]al project-bas$ 
assi/ance program1 includ+-- 7aa7       
section #bjb ( ! ,h\s+ ,act ( #aiei 7#ab
 ,u4,s4,c4 #agjaq72  7bb7 section #acch 
( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial  

,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defh72  7cc7 section #db ( ! 
,int]nal ,rev5ue ,code ( #aihf2  7dd7   
title ,i ( ! ,h\s+ & ,community         
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecja et seq472  7ee7 ! ,,home ,inve/m5t
 ,p>tn]%ips ,act 7title ,,ii ( ,public  
,law #aja-fbe2 #db ,u4,s4,c4 #abgba et  
seq472 &  7ff7 section #aa ( ! ,h\s+    
,opportunity ,program ,ext5sion ,act (  
#aiif 7#db ,u4,s4,c4 #abhje note74  2 & 
7iii7 9 subclause 7,,iii71 z r$esignat$1
 by ins]t+ subject to subclauses 7,i7 & 
7,,ii7 be=e may process2 &  7,b7 by add+
 at ! end ! foll[+3  7viii7             
,consultation & hir+ ,9 review+         
applications = approval ( an inve/m5t & 
associat$ petitions "u ?is p>agraph =   
h\s+ projects1 ! ,secret>y may consult )
 ! ,secret>y ( ,h\s+ & ,urban           
,developm5t & hire su* /aff z may be    
necess>y to effectively review &        
adjudicate su* applications & associat$ 
petitions4  4  #c4 ,pap]work ,r$uction  
,act exemption ,dur+ ! #a-ye> p]iod     

beg9n+ on ! date ( ! enactm5t ( ?is     
,act1 ! requirem5ts "u *apt] #ce ( title
 #dd1 ,unit$ ,/ates ,code1 %all n apply 
to ! collection ( in=mation requir$ "u  
?is ,act1 any am5dm5t made by ?is ,act1 
or any rule promulgat$ by ! ,secret>y ( 
,homel& ,security to implem5t ?is ,act  
or ! am5dm5ts made by ?is ,act1 to !    
ext5t ! ,secret>y det]m9es t compliance 
) su* requirem5ts w\ld imp$e ! exp$iti\s
 implem5tation ( ?is ,act or ! am5dm5ts 
made by ?is ,act4  #d4 ,annual report ,n
 lat] ?an #a ye> aft] ! date ( !        
enactm5t ( ?is ,act1 & annually !reaft]1
 ! ,secret>y ( ,homel& ,security %all   
submit a report to ,congress t includes1
 ) respect to ! previ\s #ab-mon? p]iod--
 7#a7 ! numb] ( applications = approval 
( an inve/m5t & associat$ petitions     
submitt$ by eligible inve/ors = h\s+    
projects pursuant to section            
#bjc7;b77#e7 ( ! ,immigration &         
,nationality ,act 7#h ,u4,s4,c4         
#aaec7;b77#e771 z am5d$ by section #b2  
7#b7 ! numb] ( su* applications &       

associat$ petitions t 7 approv$2  7#c7 !
 c\ntry ( orig9 ( eligible inve/ors :o  
submit petitions describ$ 9 p>agraph    
7#a72  7#d7 ! aggregate numb] ( h\s+    
units to be con/ruct$ = all h\s+        
projects includ$ 9 approv$ applications 
"u section #bjc7;b77#e77;,f7 ( !        
,immigration & ,nationality ,act 7#h    
,u4,s4,c4 #aaec7;b77#e77;,f772  7#e7 an 
assessm5t ( any regulatory1             
programmatic1 or o!r b>ri]s t may prev5t
 or h9d] f9anc+ describ$ 9 section      
#bjc7;b77#e7 ( ! ,immigration &         
,nationality ,act 7#h ,u4,s4,c4         
#aaec7;b77#e77 = h\s+ developm5t1       
includ+ = small & local develop]s2  7#f7
 an assessm5t ( ! impact ( ! am5dm5ts   
made by section #b on ! numb] (         
applications & associat$ petitions      
describ$ 9 p>agraph 7#b7 receiv$ by !   
,secret>y ( ,homel& ,security2 &  7#g7  
additional au?orities ne$$ by !         
,dep>tm5t ( ,homel& ,security to bett]  
inc5tivize immigrant inve/m5ts 9 h\s+   
projects2  #e4 ,gov]nm5t ,acc\ntability 

,(fice report ,n lat] ?an #c ye>s aft] !
 date ( ! enactm5t ( ?is ,act1 & e #c   
ye>s !reaft] = ! foll[+ #i ye>s1 !      
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all-- 7#a7 review ! reports submitt$   
pursuant to section #d to det]m9e !     
effectiv5ess ( ! am5dm5ts made by       
section #b on increas+ immigrant        
inve/m5ts 9 h\s+ projects 7z def9$ 9    
section #bjc7;b77#e77;,d77iv7 ( !       
,immigration & ,nationality ,act1 z     
am5d$ by section #b72 &  7#b7 submit a  
report to ! ,committee on ! ,judici>y ( 
! ,s5ate1 ! ,committee on ,bank+1 ,h\s+1
 & ,urban ,affairs ( ! ,s5ate1 !        
,committee on ! ,judici>y ( ! ,h\se (   
,repres5tatives1 & ! ,committee on      
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives t describes ! results ( 
! review conduct$ pursuant to p>agraph  
7#a74