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 & Senate Indian Affairs Committee Advance Bills to Address Missing and Murdered Indigenous Women Crisis
U.S. Senator Tina Smith & Senate Indian Affairs Committee Advance Bills to Address Missing and Murdered Indigenous Women Crisis Savanna’s Act and the Not Invisible Act to Address the Crisis of Missing and Murdered Indigenous Women Headed to Senate Floor After Committee Vote WASHINGTON, D.C. [11/21/2019]—U.S. Senator Tina Smith (D-Minn.) said today that a key Senate panel has approved two measures this week that will improve the federal government’s response to the missing and murdered Indigenous women (MMIW) crisis. She said the two bills passed by the Indian Affairs Committee—Savanna’s Act and the Not Invisible Act—would increase coordination with law enforcement,
Klobuchar, Smith Announce over $13 Million in Rural Development Funding to Improve Water Systems and Wastewater Management in Minnesota
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that the U.S. Department of Agriculture (USDA) has awarded grant and loan funding to Minnesota totaling $13,206,000 to improve water systems and wastewater management the cities of Easton, Isle, Dumont, Verndale, and Wood Lake. “These investments in our water infrastructure are an important step forward to replace aging water and sanitary systems in our state and ensure public health,” Klobuchar said. “Investing in the cities of Easton, Isle, Dumont, Verndale, and Wood Lake will continue to benefit our waterways, water infrastructure, environment, and economy for years to come.” “Water systems and wastewater
Klobuchar, Smith Announce Support for Actions to Prioritize Propane Shipments to Alleviate Shortage in Midwest
WASHINGTON – This week, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced their support for actions by the Federal Energy Regulatory Commission (FERC) to prioritize propane shipments to alleviate the ongoing shortage in the Midwest. FERC issued an order accepting a proposal by Enterprise TE Products Pipeline Company LLC, providing emergency transportation service of propane to the Midwest region for a 30-day period. According to a 2017 Minnesota House of Representatives study, more than 200,000 households in Minnesota rely on propane as their main source of heat. “This announcement from FERC is an important step in helping to deliver
Senate Banking Committee Unanimously Passes Sens. Smith & Tillis Bipartisan Legislation to Extend Terrorism Risk Insurance Program
WASHINGTON, D.C. [11/20/2019]—Today, the Senate Banking Committee unanimously passed bipartisan legislation led by U.S. Senators Tina Smith (D-Minn.) and Thom Tillis (R-N.C.), and members of the Senate Banking Committee, that would extend the Terrorism Risk Insurance Program for seven years. After Committee passage, Sen. Smith highlighted how the Terrorism Risk Insurance Act (TRIA) makes it possible for Minnesota to host major events, including the 2018 Super Bowl which generated more than $350 million for the state’s economy. The Terrorism Risk Insurance Program was established in response to the scarcity of affordable insurance coverage for terrorism risk in the wake of the attacks on September 11, 2001. Since then, the program has improved the availability
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