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 Urge Landowners to Enroll in Conservation Reserve Program Before Friday Deadline
WASHINGTON, D.C. [02/26/20]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are reminding Minnesota landowners interested in the Conservation Reserve Program (CRP) to enroll before the February 28 general signup deadline. The senators said that CRP, signed into law in 1985, is one of the largest private-lands conservation programs in the United States. Over the last 35 years, CRP has helped improve water quality, reduce soil erosion and improve wildlife habitat on private lands in Minnesota and across the country. “The Conservation Reserve Program protects critical natural resources and provides economic benefits for our rural communities,” Klobuchar said. “I worked to increase the number of acres in CRP
U.S. Sens. Smith & Sasse Introduce Bipartisan Bill to Improve Credit Union Employee Safety, Simplify Operations
WASHINGTON, D.C. [02/24/20]—Today, U.S. Senators Tina Smith (D-Minn.) and Ben Sasse (R-Neb.) introduced bipartisan legislation—the Credit Union Governance Modernization Act—that would make credit unions safer for employees and members, and simplify rules for credit union operations. The measure would allow federal credit unions to expel members for violations of credit union policies, without requiring a vote of membership. Under current law, a federal credit union must hold of a vote of its entire membership before it can expel a member who engages in unacceptable, sometimes dangerous behavior. Minnesota credit unions have shared stories of members who have robbed credit unions, smashed ATMs, and sexually
U.S. Sens. Smith, Jones, Rounds Successfully Create New USDA Post to Improve Health Care in Rural America
WASHINGTON D.C. [02/20/20]—Today, U.S. Senators Tina Smith (D-Minn.), Doug Jones (D-Ala.) and Mike Rounds (R-S.D.), and U.S. Representative Angie Craig (D-MN 2) lauded the USDA for filling the new role of rural health liaison to help improve rural health care—something the bipartisan group of senators pushed to include in the Farm Bill and Rep. Craig advocated for. Sens. Smith, Jones, Rounds first introduced the Rural Health Liaison Act to create a liaison with the USDA to better coordinate rural health resources across the federal government and improve health care delivery for Minnesotans and people across the country living in rural areas. Last year,
U.S. Sen. Tina Smith: Virtually Every Minnesota Community Has a Housing Shortage That Hurts State’s Families, Businesses, and Economic Growth
U.S. Senator Tina Smith (D-Minn.) said today that virtually every Minnesota community has a shortage of quality, affordable housing, which not only hurts the health and well-being of families, communities and businesses across the state, but also restrains job creation and economic growth. She released a report of the findings of her recently-completed “Statewide Housing Listening Tour” at an event in Duluth on Monday. Senator Smith, a member of the Senate Banking, Housing and Urban Affairs Committee, which oversees the nation’s housing policy, said she and her staff met with hundreds of Minnesotans during 21 meetings and listening sessions in communities across the state. They found many barriers
English