US SB3309

Amends the EB-5 visa program to add "housing projects" as a designated category alongside rural areas and infrastructure projects, defining housing projects as capital investments focused on production, preservation, or rehabilitation of rental housing or owner-occupied principal residences

Requires prioritized processing of EB-5 applications for housing projects acquired through federal assistance programs including Low-Income Housing Tax Credits (Section 42), HOME Investment Partnerships, and HUD Section 202 supportive housing

Authorizes the Secretary of Homeland Security to consult with HUD and hire additional staff to review and adjudicate housing project applications and petitions

Exempts the implementation from Paperwork Reduction Act requirements for 1 year following enactment to expedite rollout

Mandates annual reports to Congress on housing project applications, approvals, investor countries of origin, total housing units, and regulatory barriers, plus GAO effectiveness reviews every 3 years for 9 years