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 and Smith: Over $1 Million Awarded to Organizations that Help People from Diverse Backgrounds in Minnesota Participate in Agriculture
WASHINGTON, D.C. [10/9/2019]— U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) announced that more than $1 million in U.S. Department of Agriculture (USDA) funding has been awarded to organizations that help people from diverse backgrounds in Minnesota participate in agriculture. This funding will support the Latino Economic Development Center (LEDC), which helps immigrant and Latino farmers in Minnesota overcome barriers to growth. It will also support the American Indian Higher Ed Consortium (AIHEC) to engage students in agriculture at tribal colleges and universities—including the four in Minnesota—and improve Native American farmers and ranchers’ agricultural practices. The senators said that this funding is available to qualifying organizations through the USDA’s Outreach and Assistance for Socially Disadvantaged Farmers and Ranchers and Veteran Farmers and
U.S. Senator Tina Smith: “Protecting Renewable Fuel Standard Signals Trump Administration Heard Concerns From American Farmers Loud and Clear”
WASHINGTON, D.C. [10/04/19]—Today, U.S. Senator Tina Smith (D-Minn.)—a member of the Senate Agriculture Committee—released the following statement after the Trump Administration announced it would account for the harmful abuse of small refinery hardship waivers granted by the Environmental Protection Agency (EPA) in the Renewable Fuel Standard (RFS) blending targets. “Rural communities, farmers, clean energy producers and agribusinesses need a strong Renewable Fuel Standard to thrive. The RFS supports thousands of local jobs and helps lead to billions of dollars in economic activity, it cuts our dependence on foreign oil, and it helps fight global warming,” said Sen. Smith. “While I wish it had taken less
U.S. Senator Tina Smith, Bipartisan Group of Senators Release Report Recommending Steps to Ensure Stable Education for Students in Foster Care
WASHINGTON, D.C. [10/3/2019]—This week, U.S. Senator Tina Smith (D-Minn.) and a bipartisan group of Senate colleagues released a report on how the federal government can better help ensure a stable education for students in foster care who are far too often bounced from school to school. Sen. Smith—a member of the Senate Education Committee—said that these new placements and disruptions can jeopardize students’ academic achievement. The federal law is clear that when children are brought into foster care or change placements, the state must ensure they remain in the school in which they are enrolled at the time of each placement so long as it is in the child’s
U.S. Sens. Klobuchar, Smith Fight to Overturn U.S. Department of Education Secretary Betsy DeVos’ Harmful Rule that Guts Protections for Student Loan Borrowers
WASHINGTON, D.C. [09/30/19]–U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are pushing to overturn U.S. Department of Education Secretary Betsy DeVos’ move to gut essential protections for student loan borrowers who’ve been wronged by their schools. The Senators joined more than thirty of their Senate colleagues in introducing a Congressional Review Act (CRA) resolution of disapproval of DeVos’ rewritten borrower defense rule, which makes it more difficult for borrowers who are defrauded by their school or harmed by their school’s closure to receive relief. “Students shouldn’t have to worry about predatory practices from colleges while they are preparing to further their education and
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