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 Klobuchar & Smith Announce Additional Aid to Help Minnesota Producers Recover from Extreme Weather
WASHINGTON, D.C. [03/02/20]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) announced additional U.S. Department of Agriculture (USDA) funding to help Minnesota producers recover from 2018 and 2019 losses related to excessive rain. The USDA is also finalizing agreements with sugar beet cooperatives to distribute $285 million to grower members for 2018 and 2019 crop losses. Funding is made available through the USDA’s Wildfires and Hurricane Indemnity Program Plus (WHIP+). The Senators said that producers should go to their local Farm Service Agency (FSA) starting March 23 to apply for WHIP+ assistance. Sugar beet growers should go directly to their cooperative. “This announcement from the
More Than a Dozen National Health Care Organizations Urge Senate Health Committee to Pass Sens. Smith and Collins’ Bipartisan Drug Shortages Bill
WASHINGTON, D.C. [03/02/20]—Over a dozen organizations representing physicians and hospitals are calling on leaders of the Senate Health Committee to pass the Mitigating Emergency Drug Shortages (MEDS) Act, a bipartisan bill authored by U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine). China accounts for 13 percent of the facilities making active pharmaceutical ingredients to supply the U.S. market, which could be disrupted by manufacturing delays caused by the Coronavirus. On Thursday, the U.S. Food and Drug Administration announced the first drug shortage caused by the Coronavirus, but it was able to identify an alternative. Sens. Smith and Collins introduced their partisan MEDS Act last fall to enhance reporting requirements of
Members of Minnesota Congressional Delegation: FEMA Agrees to Review Procedures that led to 2019 Spring Storm Damage Underestimation
WASHINGTON – This week, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), and Representatives Jim Hagedorn (R-MN-1), Angie Craig (D-MN-2), Dean Phillips (D-MN-3), Tom Emmer (R-MN-6), and Collin Peterson (D-MN-7) announced that the Federal Emergency Management Agency (FEMA) has committed to a review of the information sharing practices that led to the 2019 spring storm damage underestimation. FEMA also committed to allow as much additional time as needed during future assessments to gather damage information that will improve the cost estimation process so that “sticker shock” can be avoided. These commitments from FEMAcome in response to a letter the delegation sent earlier this month calling
U.S. Senators Smith & Baldwin Urge President to Properly Fund Coronavirus Response Without Taking Away From Vital Energy Assistance Program
WASHINGTON, D.C. [02/28/20]—U.S. Senators Tina Smith (D-Minn.) and Tammy Baldwin (D-Wis.) are calling on President Trump to support funding to address the spread of the Coronavirus without taking away resources from the important Low Income Energy Assistance Program (LIHEAP), which helps keep Minnesotans and Wisconsinites warm and able to pay their utility bills in the cold winter months. Sens. Smith and Baldwin have fought for the vital program each time the administration has sought to cut it, and they’re in Minnesota today making a push on behalf of families and seniors who rely on LIHEAP. In Minnesota alone, 315,000 people—with
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