Capcom is using its MT Framework to develop the handheld title.
4Gamer has revealed that Capcom is using its MT Framework, used to create titles like Resident Evil 5 and Lost Planet 2, to develop their upcoming 3DS title Resident Evil: Revelations.
The goal of using the MT Framework is to achieve console-quality visuals on a portable system. Looking at the trailer below, they seem to be well on their way to achieving that goal.
There is no release date currently set for Resident Evil: Revelations.