Sens. Chuck Schumer (D-N.Y.) and Mike Lee (R-Utah) on Oct. 20 introduced an immigration package aimed at boosting foreign travel and investment in the United States.

The bill includes an NAHB-supported provision intended to spur demand for housing by providing foreign investors an incentive to purchase residences and live in the U.S.

In order to address the excess supply of housing, the legislation would provide a three-year residential visa for foreign nationals who make cash investments of at least $500,000 in residential real estate in the U.S.

At least $250,000 must be spent on a primary residence where the visa holder will reside for at least 180 days out of the year while paying taxes to the U.S. The proposal discourages flipping.

The provision would create visas that are separate from current programs so as not to displace anyone waiting for other visas.

"This concept has the potential to lift demand for the nation's excess homes," said Schumer.

"Our housing market will never begin a true recovery as long as our housing stock so greatly exceeds demand,” he said. “This is not a cure-all, but it could be part of the solution to the housing crisis and won't cost the government a nickel."

"This bill supports a free market method for increasing demand for housing at a time when so many working-class Americans are underwater on their homes, are desperate for prices to rise again, and big-government programs have failed to work," said Lee.

"I am sponsoring this bill because I know that it makes economic sense while protecting American citizens," he said.

NAHB will continue to monitor the progress of the legislation.

For more information, email J.P. Delmore at NAHB, or call him at 800-368-5242 x8412.