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, 37 Colleagues Lead Push to Renew Lapsed Funding for Minority-Serving Colleges
WASHINGTON, D.C. [11/06/19]—U.S. Senator Tina Smith (D-Minn.) and 37 of her Senate colleagues are leading a push to pass funding for Historically Black Colleges and Universities, Tribal colleges, and other minority-serving institutions. In a letter to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Chuck Schumer (D-N.Y.), Sen. Smith, along with Sen. Amy Klobuchar (D-Minn.) and their colleagues, called for the immediate passage of the FUTURE Act, which would reauthorize $255 million in mandatory federal funding for these institutions, and expired on September 30, 2019. The House of Representatives approved the legislation unanimously in September. “Minnesota’s Tribal Colleges are important institutions and serve as key resources for Native American students, and minority-serving institutions of higher education serve nearly 6 million students nationwide,” said Sen.
Klobuchar, Smith Announce over $26 Million for Rural Electric Infrastructure Investments 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 loan funding totaling over $26 million for rural electric infrastructure improvements across Minnesota. “These investments will help our rural electric providers better serve Minnesotans by adding connections, energizing additional miles of transmission lines, and providing for more reliable electric infrastructure across the state,” Klobuchar said.“Projects like these not only boost the economy, but also help to modernize our electric grid and support essential services throughout our state.” “We need to strengthen rural Minnesota’s electric infrastructure because it’s vital to building a
U.S. Senators Klobuchar & Smith Push Consumer Watchdog to Investigate Mismanagement of Student Loan Program
WASHINGTON, D.C. [11/04/2019]—Today, U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) are calling on the federal government’s consumer watchdog to investigate whether a key student loan service company mismanaged a student loan forgiveness program designed to help people who take on careers in public service. The Senators were joined by 21 of their Democratic colleagues in a letter urging Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger to investigate student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA) for mismanagement of the Public Service Loan Forgiveness Program (PSLF). Congress established PSLF over a decade ago to encourage people to work
U.S. Sens. Smith & Collins’ Bipartisan Kay Hagan Tick Act Moves Forward in Senate
WASHINGTON, D.C. [10/31/19]—Today, the Senate Health Committee voted to move forward bipartisan legislation introduced by U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine) that aims to improve research, prevention, diagnostics and treatment for tick-borne diseases. Their bill now heads to the floor for full consideration by the Senate. The Kay Hagan Tick Act unites the effort to confront the alarming public health threat posed by Lyme disease and other tick-borne diseases, which have risen exponentially from approximately 30,000 cases in 2003 to an estimated 450,000 last year. The bill was renamed in honor of former Senator Kay Hagan, who recently passed away
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