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 Smith, Cortez Masto, Scott, Cramer, Young Introduce Bipartisan Bill to Promote Manufactured Housing as Part of Solution to Affordable Housing Crisis
WASHINGTON, D.C. [06/12/2019]—Today, U.S. Senators Tina Smith, (D-Minn.), Catherine Cortez Masto (D-Nev.), Tim Scott (R-S.C.), Kevin Cramer (R-N.D.), and Todd Young (R-Ind.) introduced bipartisan legislation promoting manufactured housing as part of the solution to America’s affordable housing crisis. The HUD Manufactured Housing Modernization Act of 2019 would require the Department of Housing and Urban Development (HUD) to issue guidelines for including manufactured housing in state and local governments’ Consolidated Plans, which outline their housing and community development priorities, when applying for HUD funding. This legislation will ensure that manufactured housing, a significant source of affordable housing, is considered when jurisdictions
U.S. Senator Tina Smith Leads Senate Colleagues in Introducing Comprehensive Bill to Address Skyrocketing Prescription Drug Prices
WASHINGTON D.C. [06/12/19]—Today, U.S. Senator Tina Smith (D-Minn.) introduced comprehensive legislation to hold large pharmaceutical companies accountable for high prices and bring down costs for Americans. Sen. Smith, a member of the Senate Health Committee, said her measure would promote transparency by requiring pharmaceutical companies to disclose just how much money is going toward research and development, as well as marketing and pay for executives. Her bill would also end the restriction that prevents the federal Medicare program from using its buying power to negotiate lower drug prices for its beneficiaries, and curb drug company monopoly practices that keep
U.S. Senator Tina Smith, Representative Ayanna Pressley Highlight Step Forward for Federal Contractor Employees Affected by Shutdown with Back Pay Included in Spending Bill
WASHINGTON, D.C. [06/11/2019]—Today, U.S. Senator Tina Smith (D-Minn.) and Congresswoman Ayanna Pressley (MA-07) lauded the House Appropriations Committee government spending package for including money for federal contract workers who were not paid during the 35-day partial government shutdown. Sen. Smith and Rep. Pressley introduced companion legislation in January to provide back pay to as many as an estimated 580,000 workers who went without pay during the shutdown. Their bill would require any federal contractor that placed service workers on unpaid leave during the shutdown to provide retroactive compensation to cover wages lost through no fault of their own. Since then,
U.S. Senator Tina Smith, Senate Colleagues Call on Department of Agriculture to Speed up Development of Crop Guidelines Established in Farm Bill
WASHINGTON, D.C. [05/07/19]—This week, U.S. Senator Tina Smith (D-Minn.) and a bipartisan group of her Senate colleagues—led by Sens. John Thune (R-S.D.) and Dick Durbin (D-Ill.)—urged the U.S. Department of Agriculture (USDA) to expedite the development of the cover crop guidelines that were established in the strong, bipartisan 2018 Farm Bill. Sen. Smith and her colleagues also requested that haying and grazing of cover crops on prevent plant acres be allowed prior to the current USDA-mandated November 1 harvest date. “According to the 2017 Census of Agriculture published last month, between 2012 and 2017, cover crops on
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