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 & Democratic Colleagues Call on Environmental Protection Agency to Protect Region Five Communities
WASHINGTON, D.C. [02/10/20]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.)—along with a number of their Democratic colleagues led by Senator Dick Durbin (D-Ill.)—urged new U.S. Environmental Protection Agency (EPA) Region 5 Administrator Kurt Thiede to keep the need to protect public health and safety, and to support the hard-working career professionals within Region 5, top of mind. The senators also raised concerns over the troubling pattern of decreases in staffing and enforcement meant to protect communities in Minnesota, Illinois, Indiana, Ohio, Michigan and Wisconsin. “We write to you to request that in your new role as Environmental Protection Agency (EPA)
Klobuchar, Smith Announce Funding to Assist Monitor Water Quality Monitoring in Grand Portage
WASHINGTON – U.S. Senators Amy Klobuchar and Tina Smith announced $40,000 in grant funding from the Environmental Protection Agency (EPA) to monitor water quality in Grand Portage. The funds will be used to purchase a vehicle in order to better track human health and water quality on the reservation to ensure that Grand Portage’s officials will have consistent, up-to-date, local water quality data available. Reliably gathering and updating this information will help Grand Portage maintain, restore, and improve water quality within the reservation boundaries. “Investments in clean water serve as a down payment on the long-term well-being of tribal communities
Following Request for Funding, Klobuchar, Smith Announce Federal Agricultural Disaster Declaration for Seven Minnesota Counties
WASHINGTON – Today, U.S. Senators Amy Klobuchar and Tina Smith announced that the U.S. Department of Agriculture (USDA) has granted their request to provide federal assistance to Minnesota farmers overwhelmed by significant wet weather during last fall’s harvest. Beltrami, Clearwater, Kittson, Marshall, Nobles, Polk, and Yellow Medicine counties are all now eligible to apply for assistance from the USDA Farm Service Agency (FSA), including FSA emergency loans. “Heavy rain and flooding made last fall a particularly challenging harvest for our state’s farmers and producers, killing crops and causing uncertainty for Minnesotan families,” Klobuchar said. “This disaster declaration will expedite much-needed assistance to struggling communities who
U.S. Senator Tina Smith Announces Trade Aid for Minnesota Producers Hit Hard by Trade War with China
WASHINGTON, D.C. [02/05/2020]—U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Agriculture Committee—announced that this week a third round of Market Facilitation Program (MFP) payments will be made to farmers in Minnesota and across the country crippled by the Administration’s trade war with China. Sen. Smith said that these payments made by the Farm Service Agency (FSA) will support eligible producers participating in the MFP. “These payments will help address the economic damage the trade war with China has inflicted on Minnesota farmers and rural communities,” said Sen. Smith. “The trade war has not only left our producers without a significant market for their farm products, but also depressed farm prices and left
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