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 Introduces Bill to Improve Mental and Physical Health Outcomes for Seniors
WASHINGTON, D.C. [10/23/19]—Today, U.S. Senator Tina Smith (D-Minn.) introduced legislation to address the negative mental and physical health effects—and the economic consequences—of social isolation among seniors. More than 8 million older Americans experience social isolation, and nearly half of older adults feel isolated, alone, or left out. Socially isolated seniors face a 29 percent increased risk of mortality. And when it comes to federal Medicare spending, it’s $134 more per person per month for every socially isolated older adult. This is compared to Medicare spending on chronic conditions. Sen. Smith’s Older Americans Social Isolation and Loneliness Prevention Act calls for revising the Older Americans Act (OAA)
U.S. Senator Tina Smith, U.S. Representative Angie Craig Introduce 21st Century Workforce Partnerships Act
WASHINGTON, D.C. [10/23/19]—Today, U.S. Senator Tina Smith (D-Minn.) and U.S. Representative Angie Craig (D-MN 2) introduced companion bills in the Senate and House to help Minnesotans secure careers in high-demand fields by fueling workforce training partnerships between schools and local businesses. Smith and Craig said that everybody, whether they attend a four-year college or pursue a trade, should be able to find a good-paying career. The 21st Century Workforce Partnerships Act—which is supported by Sens. Jacky Rosen (D-Nv.) and Dianne Feinstein (D-Calif.) in the Senate—addresses a major need in the modern economy: hands-on training to prepare students for the high-skill jobs of today, while also
U.S. Sens. Klobuchar, Smith & U.S. Reps. Peterson, Stauber: Over $350k in Infrastructure and IT Investments Awarded to 3 Tribal Colleges in Minnesota
WASHINGTON, D.C. [10/17/2019]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.), along with U.S. Representatives Collin Peterson (D-MN 7) and Pete Stauber (R-MN 8), lauded the U.S. Department of Agriculture (USDA) for awarding over $350,000 to three tribal colleges in Minnesota—Leech Lake Tribal College, Red Lake Nation College and White Earth Tribal and Community College—for infrastructure improvements. “These rural development investments for Red Lake Nation College, White Earth Nation College, and Leech Lake Tribal College will help students gain access to the best possible options to advance their education,” said Sen. Klobuchar. “Minnesotans have a long tradition of honoring our tribal communities, yet we still have work to do
In Senate Hearing, U.S. Sen. Tina Smith Calls Administration’s RFS Policy “a Bait and Switch,” Urges Deputy Secretary to Stand up for Farmers
WASHINGTON, DC [10/17/19]— Today, U.S. Senator Tina Smith (D-Minn.) pressed U.S. Deputy Secretary of Agriculture Stephen Censky about the Administration’s policy on the amount of corn-based ethanol and other renewable fuels blended into the nation’s gasoline supply. Sen. Smith, who has long urged expanded use of renewables, said that a strong renewable fuels standard is critically important to Minnesota corn and soybean farmers and is key to job creation in many rural communities. Her questioning came in response to President Trump’s announcement two weeks ago that he would take steps to make up for the abuse of small refinery waivers, which have allowed oil refineries to avoid using
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