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
In Wake of Difficult Weather, U.S. Senator Tina Smith Encourages Minnesota Farmers Experiencing Harvest Delays to Contact Crop Insurance Agents
WASHINGTON, D.C. [10/25/19]— U.S. Senator Tina Smith (D-Minn.) is encouraging Minnesota farmers participating in federal crop insurance to request more time to harvest after extremely wet and snowy conditions this fall forced many to experience delays. “It’s absolutely critical that we do everything we can to support farmers who’ve been facing bad weather, trade uncertainty and low commodity prices,” said Sen. Smith, a member of the Senate Agriculture Committee. “If you are a farmer with crop insurance, I urge you to contact your insurance agent to request more time to harvest. And I’ll keep working to bring stability and predictability to Minnesota Ag.”
U.S. Sens. Tina Smith & Susan Collins: Bipartisan Resolution Recognizes October as National Principals Month
WASHINGTON, D.C. [10/25/2019]—U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine)—both members of the Senate Education Committee—are pleased that their bipartisan resolution declaring October 2019 as National Principals Month passed the Senate. This resolution recognizes the important role principals play in ensuring that every child has access to a high-quality education. “School principals are community builders, academic leaders, facility managers and so much more,” said Sen. Smith. “They’re responsible for creating school environments where every child can succeed, and where teachers and faculty can get the support they need to educate students and help shape them into future leaders. We need to do all we can to
Senators Collins, Smith Praise Unanimous Senate Passage of Their Resolution Celebrating Afterschool Programs
Washington, D.C. — U.S. Senators Susan Collins (R-ME) and Tina Smith (D-MN) praised the unanimous Senate passage last night of their resolution recognizing Lights on Afterschool, a celebration of afterschool programs nationwide. “Afterschool programs provide an enriching environment for students once the school day has ended,” said Senator Collins. “By engaging young people in academic and physical activities, these programs enhance students’ education and help promote healthy habits. In addition, afterschool programs provide parents with peace of mind knowing that their children are in a safe and structured setting.” “Engaging students in after school activities can give kids the chance to keep learning
U.S. Senator Tina Smith Invites Treasury Secretary Mnuchin to Tour Rural Minnesota Communities Hit Hard By Slumping Farm Economy
WASHINGTON, D.C. [10/24/19]—Today, U.S. Senator Tina Smith (D-Minn.) formally invited Secretary of the Treasury Steven Mnuchin to tour rural Minnesota communities and hear firsthand from farmers and producers about their concerns regarding uncertainty in the agriculture sector. Sen. Smith said she appreciates the recent conversations she’s had with Sec. Mnuchin about trade negotiations and the challenges faced by agriculture producers. She said the visit would help Sec. Mnuchin gain important insights into how the federal government can help create economic growth in rural communities. “Minnesota farmers are facing unprecedented challenges, with tariffs, plummeting commodity prices, and this year’s extreme weather
English