Latest Releases
U.S. Senators Tina Smith, Cynthia Lummis Introduce Bipartisan Legislation to Protect Prospective Homebuyers from Predatory Financing Agreements
WASHINGTON, D.C. – Today, U.S. Senators Tina Smith (D-MN) and Cynthia Lummis (R-WY) introduced the Preserving Pathways to Homeownership Act, bipartisan legislation to establish basic protections for consumers who seek to purchase a home using a land contract, or contract for deed. Land contracts are an alternative form of seller financing for real estate transactions, often marketed as a way for people who can’t get a conventional mortgage to realize the dream of owning a home. However, land contracts can lack many of the consumer protections available in mortgage lending: full disclosure of costs and fees, protections if a homeowner misses payments or falls on hard times, and protections in the case of fraud. Unscrupulous sellers have used these arrangements to take advantage of unsuspecting buyers. They design the land contract to fail and move to evict when the buyer inevitably breaches it. Buyers typically lose their home and everything they’ve invested in it, and the seller can repeat this process with other buyers. It is estimated that across the country, more than 8 million homes have been sold with land contracts, underscoring the widespread nature of this issue. “Without a safe, decent place to call home, nothing in your life works – not your job, your health, your education, or your family. It is appalling that some Minnesota families trying to pursue the dream of home ownership, who are struggling to receive traditional mortgages, whether due to their credit rating, or because the tenets of their faith preclude them from paying and profiting off
The Affordable Housing and Homeownership Protection Act Would Tackle Housing Crisis by Creating Millions More Homes and Helping Main Street Compete with Wall Street
WASHINGTON, DC – As the nation’s housing shortage pushes home prices and rents to historic levels, a new Senate bill would provide tens of billions of dollars to help create millions of new homes for low-income Americans. U.S. Senators Tina Smith (D-MN), Jack Reed (D-RI)and Tammy Baldwin (D-WI) are teaming up with several colleagues to introduce the Affordable Housing and Homeownership Protection Act (S. 3673). This bill would generate up to $50 billion over ten years to help build and preserve approximately 3 million affordable housing units nationwide. The bill would be fully paid for through a transfer tax on large investors who profit by purchasing sixteen single-family homes or more. Driven by a shortage of as many as 6.8 million homes nationwide, homes prices have surged 39% and rents 31% over the last four years, according to the National Association of Realtors and Zillow. Higher rents and fewer opportunities for homeownership are devastating for millions of families. As housing costs skyrocket, more households are priced out of homeownership, while renters have less to spend on food, clothing, and other everyday necessities. Low-income Americans are particularly strained – the National Low Income Housing Coalition estimates 73% of extremely low-income households spend more than half their income on housing. Unsurprisingly, homelessness has risen in line with housing prices and is up 15% since 2019. Unfortunately, federal investments in low-income housing are insufficient to solve this affordability crisis. Indeed, researchers at Harvard University found that the three largest federal housing programs serve nearly
U.S. Senators Tina Smith, Dick Durbin to Introduce Legislative Fix to Help State and Local Governments Provide Paid Leave During Pandemic
WASHINGTON, D.C. [04/28/20]—Today, U.S. Senators Tina Smith (D-Minn.) and Dick Durbin (D-Ill.) announced plans to introduce a legislative fix that would help state and local governments provide public employees with paid leave when they need it most. The Families First Coronavirus Response Act requires many public and private employers to provide paid leave for workers affected by the coronavirus pandemic. That law provides tax credits to private-sector employers to cover the costs of paid leave. But the package did not extend those tax credits to public-sector employers. This is putting a financial strain on state and local governments at a time when many are grappling with additional costs brought on by the coronavirus pandemic. The senators’ legislation will fix this problem by making state, local and Tribal governments eligible
U.S. Senator Tina Smith’s Bipartisan Work Makes Minnesota Rural Hospitals Now Eligible for Coronavirus Relief Loans
WASHINGTON, D.C. [04/24/20]—U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Banking, Indian Affairs, Health and Agriculture Committees—said today that the U.S. Department of the Treasury heeded her bipartisan call with Republican Senator John Barrasso (R-Wyo.) to provide relief to rural hospitals amid the coronavirus (COVID-19) pandemic by making them eligible for the Paycheck Protection Program (PPP) created through the CARES Act. Sen. Smith says that the Treasury Department and Small Business Administration (SBA) also heeded her call to make Tribal gaming businesses eligible for the PPP. In addition, Treasury and the SBA provided additional guidance on agriculture cooperatives, making clear that they are
U.S. Senator Tina Smith Presses Treasury, Small Business Administration to Support Cooperatives, Rural Hospitals and Businesses in Minnesota, Across Nation By Making Firms Eligible for Paycheck Protection Program
WASHINGTON, D.C. [04/23/20]—U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Banking, Indian Affairs, Health and Agriculture Committees—is pressing the U.S. Department of the Treasury and the Small Business Administration (SBA) to support workers, small businesses and families by opening eligibility for the Paycheck Protection Program (PPP) to additional businesses. Sen. Smith has heard from constituents and Minnesota businesses denied access to PPP assistance. Sen. Smith is pressing Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza to open the program to those firms that are key employers in Minnesota who have been denied access due to program rules or
U.S. Senators Push for Sens. Smith, Moran’s Bipartisan Legislation to Make Oral Cancer Medications More Affordable
WASHINGTON, D.C. [04/24/20]—U.S. Senators Tina Smith (D-Minn.) and Jerry Moran (R-Kan.) led a bipartisan group of senators in calling on House and Senate leadership to make sure the next coronavirus relief package includes their Cancer Drug Parity Act, which would make sure oral cancer drugs are covered in the same way as traditional intravenous (IV) chemotherapy. Right now, doctors are advising cancer patients to stay at home as much as possible. Switching to oral medications when medically appropriate would allow for patients to self-administer and stay in their homes, but making the switch to oral medications may not be financially feasible. Sens. Smith and
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