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
Klobuchar, Smith, Stauber Announce Over $10 Million for Infrastructure Improvements in St. Louis County
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), along with Representative Pete Stauber (R-MN-08), announced that the U.S. Department of Transportation (DOT) has awarded the Competitive Highway Bridge Program (CHBP) a grant of $10,252,000 for infrastructure improvements. “When we invest in our infrastructure, we invest in opportunity for every American. Critical investments in our infrastructure serve as a down payment on the long-term economic well-being of our state and country,” Klobuchar said. “By investing in our bridges and roads in St. Louis County, we are making an important investment in the economy of the region and enhancing public safety.” “We
U.S. Senator Tina Smith, Democratic Colleagues Fight for Nation’s Registered Apprenticeship Program
WASHINGTON, D.C. [08/27/19]—U.S. Senator Tina Smith (D-Minn.) and 45 of her Senate colleagues are calling on Acting Labor Department Secretary Patrick Pizzella to oppose the Department’s recent proposal that would undermine the highly-effective and widely-supported registered apprenticeship program. The proposed rule would create duplicative, unnecessary, and lower-quality “industry-recognized apprenticeship programs” (IRAPs), which would not provide the same crucial benefits and protections as long-established registered apprenticeships. The Department has also proposed the establishment of new entities to oversee the IRAPs, potentially allowing these programs to evade accountability, even to apprentices themselves. “Rather than invest federal taxpayer dollars in a duplicative, less
U.S. Senators Smith, Klobuchar, Stabenow, Durbin, Peters, Baldwin, and Brown Call for Stronger Renewable Fuel Standard
WASHINGTON, D.C. [08/26/19]—U.S. Senator Tina Smith (D-Minn.)—along with Sens. Amy Klobuchar (D-Minn.), Debbie Stabenow (D-Mich.), Dick Durbin (D-Ill.), Gary Peters (D-Mich.), Tammy Baldwin (D-Wis.), and Sherrod Brown (D-Ohio)—is standing up for the nation’s rural economy by urging the Environmental Protection Agency (EPA) to end the harmful abuse of small refinery hardship waivers under the Renewable Fuel Standard (RFS). In a letter sent to EPA Administrator Andrew Wheeler, Sen. Smith and her colleagues pointed out that under the Trump Administration, the granting of waivers has increased by 370 percent with “small refinery” waivers going to large oil companies. While the president has
U.S. Sen. Tina Smith Announces New Bipartisan Senate Effort to Highlight What’s Working in Rural Communities
East Grand Forks, MN [08/12/19] – Saying she’s been inspired by the spirit, resilience and ingenuity of the people she’s met in rural communities across Minnesota, U.S. Senator Tina Smith (D-Minn.) announced today that she will lead a new bipartisan Senate group that will highlight what’s working in rural America, and lift up the local ideas that are helping rural communities thrive in the face of a persistent slump in the farm economy. Sen. Smith said she is forming the bipartisan Senate “Rural Economic Working Group” along with Republican Senator Mike Rounds of South Dakota to connect with people and organizations
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