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 to Treasury Secretary Mnuchin: Make Sure Americans Experiencing Homelessness Get Coronavirus Relief Payments
WASHINGTON, D.C. [04/07/20]—U.S. Senator Tina Smith (D-Minn.) is leading a Senate push to ensure the Trump Administration is taking the steps necessary to make certain that people experiencing homelessness in Minnesota and across the country receive coronavirus relief payments. In a letter to Treasury Secretary Steven Mnuchin Tuesday, Sen. Smith and 27 of her Senate colleagues—including Sen. Amy Klobuchar (D-Minn.)—urged him to consider the steep barriers people experiencing homelessness will confront when trying to access the direct stimulus payments provided in the recent bipartisan COVID-19 relief package. The senators also pressed Sec. Mnuchin to launch a public awareness campaign to make sure that people
Klobuchar, Smith, Cramer, Welch, Marshall, Lead Bipartisan, Bicameral Letter Urging Congressional Leaders to Include Dedicated Broadband Funding for Low-Income Families and Students in Future Coronavirus Relief Packages
WASHINGTON – Today, U.S. Senators Amy Klobuchar (D-MN), Tina Smith (D-MN), and Kevin Cramer (R-ND) and Representatives Peter Welch (D-VT-AL) and Roger Marshall (R-KS-01) led a bipartisan, bicameral letter urging Senate Majority Leader Mitch McConnell, Speaker of the House Nancy Pelosi, Senate Minority Leader Chuck Schumer, and House Minority Leader Kevin McCarthy to include dedicated funding to help small broadband providers sustain internet services and upgrades for students and low-income families in any future legislation in response to the coronavirus (COVID-19) pandemic. Minnesota Senator Tina Smith (D-MN) also joined the letter. Last week, Klobuchar, Smith, and Cramer introduced the Keeping Critical Connections
Members of Minnesota Congressional Delegation Urge Administration to Approve Minnesota Request for Major Disaster Declaration
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), and Representatives Angie Craig (D-MN-2), Dean Phillips (D-MN-3), Betty McCollum (D-MN-4), Ilhan Omar (D-MN-5), Tom Emmer (R-MN-6), and Pete Stauber (R-MN-8) urged the Administration to approve Minnesota’s request for a major disaster declaration due to the ongoing coronavirus (COVID-19) pandemic. “All of Minnesota’s 87 counties and 11 tribes have been affected by the spread of the pandemic,” the lawmakers wrote. “As of April 5, the State had 935 positive cases and 29 deaths, with those affected ranging in age from 4 months to 104 years old. Minnesota’s health care facilities are
Klobuchar, Hoeven, Smith, and Colleagues Urge Administration to Ensure Continuity of Food Supply by Supporting Farmers During Coronavirus Pandemic
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and John Hoeven (R-ND), wrote a letter to Secretary of Agriculture, Sonny Perdue, urging the Administration to ensure the continuity of our country’s food supply and to support rural areas during the coronavirus (COVID-19) pandemic by providing needed relief to farmers. Klobuchar and Hoeven were joined on the letter by Senators Tina Smith (D-MN), Kevin Cramer (R-ND), and 38 bipartisan colleagues. “We write to ask that you take action to ensure the continuity of our country’s food supply and support rural areas during the coronavirus (COVID-19) pandemic by providing needed relief to farmers—including
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