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. Senator Tina Smith Pens Op-Ed: “U.S. Should Lead the ‘Clean Energy Revolution’ and Learn from State Innovations”
WASHINGTON, D.C. [09/10/19]—This week, U.S. Senator Tina Smith (D-Minn.) penned an op-ed for the Washington Times on the urgent need for the U.S. to lead the world in climate and energy solutions. In her piece, Sen. Smith cites the economic, health, and climate benefits of renewable energy and energy efficiency, and highlights how states are already encouraging innovation in this space. “The costs of renewable energy, batteries, carbon capture and storage, and other low-carbon technologies are dropping rapidly,” wrote Sen. Smith. “Countries that choose to lead this clean revolution will gain at the expense of those who lag behind. Our country can lead or we can follow. I,
U.S. Sens. Klobuchar, Smith, & Rep. Peterson Announce $350,000 for Infrastructure Improvements in De Graff
WASHINGTON, D.C. [09/10/19]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.), along with Representative Collin Peterson (D-MN 7) lauded the U.S. Department of Agriculture (USDA) $350,000 rural development grant to help the city of De Graff finish building its first sewer system, originally funded in 2017. Prior to the start of this project, De Graff did not have a sewer system and there were concerns that untreated sewage from septic systems was entering bodies of water throughout the city. “Investing in our water and waste infrastructure is a down payment on the long-term well-being of our communities,” said Sen. Klobuchar. “This investment will benefit the people and
In Senate Hearing, U.S. Sen. Tina Smith Presses Treasury Secretary on Economic Impact of Trade War on Minnesota Ag
WASHINGTON, DC [09/10/19]— Today, U.S. Senator Tina Smith (D-Minn.) pressed U.S. Secretary of the Treasury Steven Mnuchin on the Trump Administration’s trade war that is causing real, long-term economic damage to Minnesota farmers and rural communities. Sen. Smith’s questioning came in response to an interview Mnuchin gave earlier this week. When talking about the Chinese tariff war during a Fox Business interview, he said “it is fair to say it has impacted the Chinese economy. We have not yet seen any impact on the U.S. economy.” “Minnesota farmers and soybean farmers in northwestern Minnesota have seen their sales drop by 75%,” said Sen. Smith in the Senate Banking Committee. “They don’t
U.S. Sens. Klobuchar, Smith Encourage Minnesota Businesses, Nonprofits and Residents with Damage from Flooding to Apply for Disaster Assistance
WASHINGTON, D.C. [09/6/19]–U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are urging Minnesota businesses, nonprofit organizations, homeowners and renters hit by severe weather and flooding earlier this year to apply for a U.S. Small Business Administration (SBA) disaster loan for physical damage before the September 30, 2019 deadline. Minnesotans facing damage caused by weather from June 27 through July 7, 2019 in Dodge, Goodhue, Mower, Olmstead, Rice, and Steele counties are eligible to apply. The senators said that businesses and nonprofits may be able to use the loan to repair or replace assets such as damaged real estate, equipment and
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