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. Sen. Tina Smith Seeks Young Minnesotans Interested In Attending a U.S. Service Academy
MINNESOTA [10/24/19]—U.S. Sen. Tina Smith’s (D-Minn.) office is now accepting applications from young Minnesotans interested in attending one of the nation’s four service academies, including the U.S. Military Academy at West Point, the U.S. Naval Academy, the U.S. Air Force Academy, and the U.S. Merchant Marine Academy. In order to attend a service academy, candidates must be nominated by a member of Congress, or other applicable nominating source. Applications are due by 5 pm on Friday, November 1. “As Senator, I am proud to be able to nominate talented Minnesotans to our four U.S. Service Academies, where they can prepare to be future leaders in our nation’s military,” said Sen. Smith. “I’m happy to assist eligible Minnesotans in the nomination process,
U.S. Senators Klobuchar and Smith Announce $480,000 to Help Give Farmers and Ranchers Tools to Deal with Stressful Economic Times
WASHINGTON, D.C. [10/24/2019]—U.S. Senators Amy Klobuchar and Tina Smith (D-Minn.) announced that the U.S. Department of Agriculture (USDA) has awarded $480,000 to fund a project to give farmers, ranchers and agri-businesses the tools they need to deal with economic and emotional stress brought on by the difficult farm economy. The funding will allow the University of Minnesota Extension to partner with seven other cooperative extension services in the upper Midwest to develop online resources people can turn to for help. It will also help expand programs including stress assistance classes, a stress assistance hotline and prescription drug abuse education. Right now, Minnesota ag
U.S. Senators Tina Smith, Susan Collins Introduce Bipartisan Wind Energy Research and Development Legislation
WASHINGTON, D.C. [10/24/19]—This week, U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine) introduced bipartisan legislation that would increase investment in clean, renewable wind energy. Their legislation, called the Wind Energy Research and Development Act, would renew and expand the Department of Energy’s (DOE) Office of Wind Energy and award competitive grants to improve the energy efficiency, reliability and capacity of wind energy generation. The wind energy sector supports more than 114,000 American jobs and provides more than $1 billion in revenue each year for states and local communities. Sens. Smith and Collins say that federal support for wind research and
U.S. Senator Tina Smith Introduces Bill to Improve Mental and Physical Health Outcomes for Seniors
WASHINGTON, D.C. [10/23/19]—Today, U.S. Senator Tina Smith (D-Minn.) introduced legislation to address the negative mental and physical health effects—and the economic consequences—of social isolation among seniors. More than 8 million older Americans experience social isolation, and nearly half of older adults feel isolated, alone, or left out. Socially isolated seniors face a 29 percent increased risk of mortality. And when it comes to federal Medicare spending, it’s $134 more per person per month for every socially isolated older adult. This is compared to Medicare spending on chronic conditions. Sen. Smith’s Older Americans Social Isolation and Loneliness Prevention Act calls for revising the Older Americans Act (OAA)
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