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, Colleagues Introduce Legislation to Ensure 22,000 Retired Minnesota Workers Don’t Lose Their Pensions
WASHINGTON, D.C. [07/24/19]—With more than a million Americans facing massive cuts to their hard-earned pensions—including more than 22,000 Minnesotans—U.S. Senator Tina Smith (D-Minn.) continued her push to head off looming pension cuts and shore up the nation’s troubled pension systems. On Wednesday, Sen. Smith and several of her Senate colleagues reintroduced the Butch Lewis Act to help the chronically-underfunded Central States Pension Fund, which covers over 22,000 Minnesotans. The measure would also strengthen many more underfunded multi-employer pension plans across the country. Since coming to the Senate, Sen. Smith has met with many Minnesotans who spent their working years paying into
U.S. Senators Klobuchar, Smith Push to Ensure Married Couples in Minnesota, Across Country Can Avoid Depleting Savings When Caring for Spouse
WASHINGTON, D.C. [07/22/19]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) want to permanently ensure that married couples in Minnesota and across the country are able to access home and community-based Medicaid services without having to completely deplete their savings. As the nation’s primary source of coverage for long-term services and supports, Medicaid funds more than 50 percent of long-term care provided nationwide. While many Americans receive this care in institutional settings like nursing homes, in 2014 more than 3 million Americans received this care at home. Three decades ago, Congress established protections—known as spousal impoverishment rules—in cases where a spouse
U.S. Sen. Tina Smith, U.S. Rep. Angie Craig Press Top Administration Officials to Quickly Implement New Effort to Improve Health Care in Rural America
WASHINGTON D.C. [07/19/19]— Today, U.S. Senator Tina Smith (D-Minn.) and U.S. Representative Angie Craig (D-Minn.) are pushing for the Trump administration to quickly implement a new effort they both support to focus federal health efforts on the unique needs of rural America. Sen. Smith and Rep. Craig, both members of their respective Agriculture Committees, said the 2018 Farm Bill established a “Rural Health Liaison” position within the U.S. Department of Agriculture (USDA) charged with coordinating federal health efforts in rural communities across the country. In a letter this week, the two lawmakers pushed both U.S Agriculture Secretary Sonny Perdue, and
U.S. Senators Amy Klobuchar and Tina Smith Announce Investments in Local Communities
WASHINGTON, D.C. [07/18/19]— U.S. Senators Amy Klobuchar (D-Minn.) and Tina Smith (D-Minn.) announced the U.S. Department of Agriculture’s (USDA) investments in Boys and Girls Club of Detroit Lakes. The cities of Eagle Bend and Altura will also receive investments. The Boys and Girls Club grant will allow the organization to increase its services, whereas the Eagle Bend and Altura grants will give additional funding to emergency services. “Critical investments in our rural communities serve as a down payment on the long-term economic well-being of our country,” said Sen. Klobuchar. “These rural development investments will help enhance the safety and quality of life
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