Latest Releases
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
Klobuchar, Smith Announce Significant Federal Infrastructure Grant to Improve Highway 169
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced a $24.7 million federal grant for the US 169 Rural Safety and Mobility Interchange Project in Sherburne County, which will eliminate the signal-controlled intersection at County Road 4 and replace it with a grade-separated, hybrid diamond interchange. The current intersection has crash rates at nearly five times the state average and has been ranked the second most dangerous intersection in central Minnesota. This project will also reduce traffic congestion and accommodate anticipated growth on this important regional highway. In addition, the new interchange will have a multi-use trail for pedestrian and bike access. Funding for this project comes from the U.S. Department of Transportation’s INFRA (Nationally Significant Multimodal Freight & Highway Projects) grant program. “Highway 169’s signal-controlled intersection has been ranked as one of the most dangerous intersections in central Minnesota. Drivers who use this intersection every day deserve a safer alternative,” said Klobuchar. “This federal grant will make much-needed improvements to make the interchange secure for drivers and pedestrians.” “Revitalizing our infrastructure is about more than just fixing roadways and bridges; it’s about improving people’s lives, which is precisely what this project will do,” said Smith. “This intersection on Highway 169 is dangerous in its current form. Now, Minnesota has the federal investment to make this vital corridor safer for everyone.” INFRA grants can be used by communities across the country for multimodal freight and highway projects of national or regional significance to improve the safety, efficiency, and reliability of freight
Klobuchar, Smith Announce Loan Eligibility for Farmers Included in Interim Coronavirus Relief Package Passed by Senate
WASHINGTON – U.S. Senators Amy Klobuchar and Tina Smith announced that farmers in Minnesota and across the country are now eligible for additional disaster loan relief under the most recent coronavirus relief package passed unanimously by the Senate. Under a bill passed by the Senate this week, agricultural enterprises will become eligible for the Small Business Administration’s Economic Injury Disaster Loans (EIDL) and Emergency Economic Assistance Grant (EEAG) programs. These key changes will allow farmers to be eligible low-interest loans from the federal government, as well as grants of up to $10,000 to help farmers get through the coronavirus pandemic. This important provision
U.S. Senators Tina Smith, John Hoeven Lead Bipartisan Push to Treasury Department, Small Business Administration to Ensure Eligibility of Rural Electric Cooperatives in Paycheck Protection Program
WASHINGTON, D.C. [04/22/20]—Today, U.S. Senators Tina Smith (D-Minn.) and John Hoeven (R-N.D.) led a bipartisan group of senators in urging the U.S. Department of the Treasury and the Small Business Administration (SBA) to clarify that rural electric cooperatives are eligible for the Paycheck Protection Program (PPP), which was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support small businesses and help them maintain payroll and cover expenses during the coronavirus (COVID-19) pandemic. Some lenders are approving PPP loans for electric cooperatives, while other lenders are refusing to do so without further guidance from the SBA. Rural electric cooperatives have urged
U.S. Senator Tina Smith Says Latest Coronavirus Relief Package To Replenish Small Business Loan Fund, Also Adds Money For Hospitals and Testing
WASHINGTON, D.C. [04/21/20]— U.S. Senator Tina Smith (D-Minn.) said the $470 billion coronavirus relief package which passed the Senate today will provide an additional $370 billion in urgently-needed emergency loans and grants for hard-hit small businesses in Minnesota and across the country. It also targets $75 billion to help hospitals handle the surge in infections and $25 billion to dramatically improve the nation’s coronavirus testing capabilities. Sen. Smith said she strongly supported the effort to provide additional and urgently-needed help to Minnesota small businesses who have yet to receive it, but said Congress may have to provide even more assistance if the funding in the package
Klobuchar, Smith, Colleagues Urge Administration to Protect Food Supply and Essential Workers During Coronavirus Pandemic
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) joined Senator Debbie Stabenow (D-MI) in a group of 36 Democratic senators urging Vice President Mike Pence and other members of the Trump Administration to take action to help ensure the safety of the nation’s food supply and protect essential workers in the food supply chain. “It is vital that we do everything we can to protect food supply workers,” the senators wrote. “Breakdowns in the food supply chain could have significant economic impacts for both consumers and agricultural producers. It is also imperative that precautions are taken to ensure the
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