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. Senators Klobuchar, Smith Help Introduce Legislation to Protect Community Television
WASHINGTON, D.C. [01/23/20]—This week, U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) helped introduce the Protecting Community Television Act, which would ensure that community television operations continue to receive the resources they need to educate and inform viewers in the cities and towns where they operate. Currently, local governments are permitted to require—as part of cable franchise agreements—that cable companies meet demonstrated community needs by providing in-kind contributions that benefit schools, public safety buildings, as well as public, educational, and government (PEG) channels, also known as community television stations. However, last year the Federal Communications Commission (FCC) voted to permit cable
Klobuchar, Smith, Hagedorn Announce $1 Million for Infrastructure Improvements in Winona
WASHINGTON — U.S. Senators Amy Klobuchar and Tina Smith along with Representative Jim Hagedorn (MN-1) announced that the Department of Transportation (DOT) has awarded the Minnesota Department of Transportation (MnDOT) $1,000,000 in grant funding to improve infrastructure in Winona. The award will allow MnDOT to complete a project on Broadway Street, including reducing the roadway from four lanes to three lanes over 1.9 miles and adding sidewalks and pedestrian ramps to improve safety. “This funding will help pave the way for improvements in Winona’s infrastructure and make our roads and pedestrian byways safer,” Klobuchar said. “I am pleased that we were able to secure
U.S. Senator Tina Smith Helps Introduce Bipartisan Legislation to Strengthen Chronic Disease Management Effort
WASHINGTON, D.C. [01/16/20]—U.S. Senator Tina Smith helped introduce bipartisan legislation—led by Sens. John Thune (R-S.D.) and Tom Carper (D-Del.)—to lower health care costs by allowing high-deductible health plans to provide chronic disease prevention services—including insulin for diabetes—to plan enrollees before they reach their plan deductible. The Chronic Disease Management Act builds on legislation introduced last year, and it follows updated guidance issued by the U.S. Department of the Treasury last summer. In July of last year, the Internal Revenue Service issued a notice expanding its interpretation of what constitutes preventive care to include certain items and services that are prescribed to someone with certain
U.S. Senators Smith, Cardin, Van Hollen, Brown, Kaine, & Warner Successfully Fight to Make Protections for Federal Health Benefits During Government Shutdowns Law of the Land
WASHINGTON D.C. [01/14/20]—U.S. Senators Tina Smith (D-Minn.), and Sens. Ben Cardin (D-Md.), Chris Van Hollen (D-Md.), Sherrod Brown (D-Ohio), Tim Kaine (D-Va.), and Mark Warner (D-Va.) fought to secure protections for federal healthcare benefits in the event of a government shutdown, and these measures were signed into law in December as part of the National Defense Authorization Act (NDAA). Similar bipartisan legislation was introduced in the House by the late Rep. Elijah Cummings (D-Md.), who fought to include these measures in NDAA before his passing. The legislation ensures that workers who have qualifying life events are able to make the proper adjustments to their health insurance plans and continue dental and
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