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 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
U.S. Senators Smith, Baldwin, Rubio Introduce Bipartisan Legislation to Help Communities Strengthen Infrastructure
WASHINGTON, D.C. [02/27/20]—Today, U.S. Senators Tina Smith (D-Minn.), Tammy Baldwin (D-Wis.) and Marco Rubio (R-Fla.) introduced bipartisan legislation to ensure federal, state, local and private infrastructure is more resilient to extreme weather events. The Built to Last Act would make it possible for the standards-developing organizations that issue building codes and other standards have the best available information on weather-related risks—including floods and wildfires. Roads and bridges, water and wastewater systems, government buildings and power lines provide essential services to families and communities, but extreme weather poses a significant risk to vital infrastructure. Last year, the Congressional Budget Office estimated annual economic losses
Klobuchar, Smith Announce More Than $6.7 Million for Investments in Affordable Housing
WASHINGTON — U.S. Senators Amy Klobuchar and Tina Smith announced more than $6.7 million in grant funding for investments in Minnesota organizations to promote affordable housing. The Volunteers of America National Services in Eden Prairie received $6 million and Twin Cities Habitat for Humanity received $735,000. These resources come from a U.S. Department of the Treasury fund that promotes affordable housing and economic development in economically distressed neighborhoods across the United States. “Increasing the availability of homes that families can fit in their budget is one of the most important issues for our state,” Klobuchar said. “These resources will help Minnesotans build and maintain reliable, affordable
U.S. Senators Klobuchar, Smith Urge Landowners to Enroll in Conservation Reserve Program Before Friday Deadline
WASHINGTON, D.C. [02/26/20]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are reminding Minnesota landowners interested in the Conservation Reserve Program (CRP) to enroll before the February 28 general signup deadline. The senators said that CRP, signed into law in 1985, is one of the largest private-lands conservation programs in the United States. Over the last 35 years, CRP has helped improve water quality, reduce soil erosion and improve wildlife habitat on private lands in Minnesota and across the country. “The Conservation Reserve Program protects critical natural resources and provides economic benefits for our rural communities,” Klobuchar said. “I worked to increase the number of acres in CRP
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