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 Bipartisan Legislation to Help Loggers, Timber Haulers Weather COVID-19 Economic Crisis
WASHINGTON, D.C. [7/23/20] – This week, U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine) introduced bipartisan legislation to provide relief to logging and log hauling businesses that have been seriously impacted by COVID-19 and the resulting economic crisis. The lawmakers’ bipartisan bill would establish a new program at the U.S. Department of Agriculture (USDA) to provide direct payments to timber harvesting and hauling businesses that can demonstrate they have experienced significant economic hardship compared to the previous year. The logging industry has experienced a steep decline in demand for wood fiber since the coronavirus pandemic began, leading to an estimated 20 percent
U.S. Senators Tina Smith, Amy Klobuchar’s Measure to Install Fire Sprinkler Systems in Public Housing One Step Closer to Becoming Law
WASHINGTON, D.C. [7/15/2020]—This week, legislation introduced by U.S. Senators Tina Smith and Amy Klobuchar (D-Minn.) to encourage public housing authorities to install sprinkler systems in older apartment buildings cleared the House Appropriations Committee as part of a larger House Transportation, Housing and Urban Development, and Related Agencies funding package. The Public Housing Fire Safety Act would create an annual $25 million competitive grant program to provide funds to public housing authorities who wish to retrofit older high-rise apartment buildings with sprinkler systems. It would also collect data on the status of sprinkler installations in public housing high-rises around the country. “The fire at Cedar High Apartments was a tragic
Murray, Smith Urge Labor Department to Withdraw Proposal That Would Discourage Financial Advisors From Supporting Racial Justice
(Washington, D.C.) – Today, Senator Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, Senator Tina Smith (D-MN), and 11 of their Democratic Senate colleagues submitted a comment letter in response the Department of Labor’s proposed rule that would discourage financial advisors from considering environmental, social, and governance (ESG) criteria. In their comment letter urging the Department to withdraw its proposed rule, the Senators emphasize how ESG investing can be important in considering practices that can impact a company’s performance like diversity and how it can serve as a tool for long-term change in the fight against
U.S. Senators Tina Smith, Lisa Murkowski Continue Work to Expand Mental Health Services with New Package of Bipartisan Legislation
WASHINGTON, D.C. [06/24/20]—Today, U.S. Senators Tina Smith (D-Minn.) and Lisa Murkowski (R-Alaska) introduced two bipartisan bills to address behavioral health needs and substance use disorders during the COVID-19 pandemic. The COVID-19 Behavioral Health Support Act would authorize $150 million in grants to States, Tribes, Tribal organizations and community-based organizations for training, technology upgrades, surge capacity needs, emergency crisis intervention, suicide prevention, and outreach to underserved communities. The senators also introduced their bipartisan Emergency Support for Substance Use Disorders Act, which aims to address substance use disorders through harm reduction services. The Centers for Disease Control and Prevention (CDC) would help administer these grants
English