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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 Announces Significant Federal Funding for Tribal Nations and the Native Community in the Twin Cities

WASHINGTON D.C. [1/13/23] –– U.S. Senator Tina Smith (D-Minn.) announced that she helped secure over $8.6 million for Minnesota Tribal Nations and communities in the Twin Cities metro area. These funds will support the Lower Sioux Indian Community, the Leech Lake Band of Ojibwe, the Shakopee Mdewakanton Sioux Community, the Prairie Island Indian Community, the Indian Health Board of Minneapolis, and the Native American Community Clinic. Senator Klobuchar also worked to secure this funding. “For too long, Native communities have experienced negative impacts of federal underinvestment and underfunding of critical services. I’m proud to have worked with Tribal leaders to help

U.S. Senator Tina Smith’s Bills to Reduce the Cost of Prescription Drugs and Expand Access to Health Care Signed Into Law

WASHINGTON, D.C. [1/13/23] — More than half a dozen health care bills by U.S. Senator Tina Smith (D-Minn.) were signed into law by President Biden two weeks ago.  The measures will take important steps to lower the cost of prescription drugs, address public health workforce shortages, and shore up supply chains while creating good-paying American jobs. Most of the provisions were bipartisan.  “Since my first day in office, I’ve promised Minnesotans that I would work to reduce the cost of prescription drugs and expand access to health care,” said Sen. Smith. “These measures provide the tools to make significant progress on

U.S. Senator Tina Smith’s Bipartisan Mental Health Care Measures Signed Into Law

WASHINGTON, D.C. [1/13/23] — U.S. Senator Tina Smith (D-Minn.) announced two of her bipartisan mental health care bills were signed into law by President Biden two weeks ago.  The provisions will take important steps to address the mental health crisis and improve Tribal health services. “I know firsthand the importance of mental health services.  These measures will help expand access to mental health care in Minnesota and across this country,” said Sen. Smith. “It gives us the tools to make significant progress tackling the mental health crisis, upholding our commitments to Tribal Nations, and more.” Provisions based on Smith’s Improving Access

U.S. Senator Tina Smith Applauds Passage of Key Tribal Priorities From Mental Health Care to Homeownership in Government Funding Bill

WASHINGTON, D.C. [1/13/23] — U.S. Senator Tina Smith (D-Minn.) applauded the bipartisan government funding bill, which includes a number of key Tribal provisions she has authored or championed. The Omnibus Appropriations Bill, which was signed into law by President Biden two weeks ago, will take important steps to help Native families achieve homeownership, provide culturally competent mental and behavioral health services, and provide adequate funding for the Indian Health Service. “This bill is a historic investment in hard working families in Minnesota and across this country,” said Sen. Smith. “It gives us the tools to make significant progress on upholding our

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