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 Presses Secretary Pompeo for Plan to Bring Home Minnesotans, Other Americans Trapped Abroad Due to Coronavirus
WASHINGTON, D.C. [03/18/20]—With a growing number of countries closing their borders due to the spreading coronavirus (COVID-19) pandemic, U.S. Senator Tina Smith (D-Minn.) is pressing U.S. Secretary of State Mike Pompeo to quickly implement plans to get information and assistance to Minnesotans and other Americans trapped abroad so they can safely travel home. In a letter to Pompeo Tuesday, Sen. Smith said her office has been in contact with numerous Minnesotans trapped in countries that have closed their borders—like Peru and Morocco—leaving them with no access to commercial flights or other transportation. With other countries expected to follow suit and close borders, Smith said the number
Minnesota Congressional Delegation Speaks with One Unified Voice on Coronavirus Response
WASHINGTON – Today, U.S. Senators Amy Klobuchar and Tina Smith, and Representatives Jim Hagedorn (MN-01), Angie Craig (MN-02), Dean Phillips (MN-03), Betty McCollum (MN-04), Ilhan Omar (MN-05), Tom Emmer (MN-06), Collin Peterson (MN-07), and Pete Stauber (MN-08) wrote an open letter to the people of Minnesota concerning the coronavirus (COVID-19) pandemic. The delegation is committed to working together to ensure Minnesotans have the information they need to keep themselves and their families safe. “The coronavirus (COVID-19) pandemic is a rare event that is reshaping our society. We all need to follow the recommendations from the Centers for Disease Control and
Klobuchar, Smith Urge Administration to Protect Access to Critical Health Care Supplies During Coronavirus Pandemic
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) wrote a letter to Vice President Pence calling on the Administration to take action to protect consumers’ access to Food and Drug Administration (FDA)-regulated medical products and hygiene products from supply chain disruptions created by the coronavirus pandemic. The letter also asks several questions regarding the Administration’s preparedness and response efforts in light of reported supply shortages. “We have heard widespread reports – including from hospitals, health systems, and long-term care facilities in our state – that health care providers across the country are facing shortages of medical supplies
Members of Minnesota Congressional Delegation Urge Administration to Provide Critical Assistance to the State in Response to Coronavirus Pandemic
WASHINGTON – Today, U.S. Senators Tina Smith (D-MN), Senators Amy Klobuchar (D-MN) and Representatives Angie Craig (D-MN-2), Dean Phillips (D-MN-3), Betty McCollum (D-MN-4), Ilhan Omar (D-MN-5), and Collin Peterson (D-MN-7) wrote a letter to Vice President Pence calling on the Administration to provide critical assistance to the State of Minnesota in its efforts to respond to and mitigate the impact of the coronavirus (COVID-19) pandemic. “We have heard serious concerns from medical personnel in our State regarding the ability to process coronavirus testing due to the limited availability of needed components such as reagents and lab supplies,” the members wrote. “It is
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