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 in Senate Speech: “Why I’m Sharing My Experience with Depression”
WASHINGTON, D.C. [05/15/19]—Today, U.S. Senator Tina Smith (D-Minn.) took to the Senate floor to share her own mental health story as part of her push to make access to mental health care for Minnesotans and Americans a top priority. In her speech, Sen. Smith—a member of the Senate Health Committee—shared her own experiences with depression earlier in life, and highlighted the need to provide mental health support to people at every age across the nation in both rural and urban areas, no matter what zip code they live in. “That’s my story. Really, it’s the story of millions of
U.S. Senator Tina Smith Calls for Action to Protect Homebuyers from Predatory Lending
WASHINGTON, D.C. [05/13/19]—U.S. Senator Tina Smith (D-Minn.) is calling on the Consumer Financial Protection Bureau (CFPB)—to improve protections for Minnesotans and Americans purchasing manufactured homes, after hearing from multiple consumer advocates that unwitting home buyers are often steered toward higher-cost loans. Sen. Smith—a member of the Senate Banking, Housing, and Urban Affairs—and eight of her Senate colleagues highlighted the lack of transparency manufactured homebuyers face when it comes to lending practices in a letter to CFPB Director Kathy Kraninger. The letter was led by Sen. Catherine Cortez Masto (D-Nev.). “Typically, the majority of consumers who have not
Klobuchar Introduces Legislation to Provide Relief to Those Caring for Aging Relatives
WASHINGTON D.C. [05/10/2019] – U.S. Senator Amy Klobuchar (D-MN) reintroduced the Americans Giving Care to Elders (AGE) Act to provide financial relief to caregivers by creating a tax credit for the costs of caring for an aging relative. The AGE Act would allow families to qualify for a tax credit to help offset expenses—ranging from purchasing assistive technologies and devices, respite care, to making necessary home modifications—of up to $6,000 per year. Klobuchar first introduced the AGE Act in 2015. The bill is co-sponsored by Senators Mazie K. Hirono (D-HI), Tina Smith (D-MN), and Dianne Feinstein (D-CA). “We know that caregiving can be extremely expensive—especially when family
U.S. Senator Tina Smith Pushes for Prescription Drug Pricing Transparency
WASHINGTON, D.C. [05/09/19]—Today, U.S. Senator Tina Smith (D-Minn.) helped introduce bipartisan legislation to combat skyrocketing prescription drug prices. The Fair Accountability and Innovative Research (FAIR) Drug Pricing Act would require drug manufacturers to disclose and provide more information about planned drug price increases, including research and development costs. Increased transparency will help provide much-needed context for taxpayers, consumers, and policymakers about the costs and value of medications, and may also incentivize companies to reassess the long-standing practice of relentless drug price increases. The bill was led by Sens. Tammy Baldwin (D-Wisc.) and Mike Braun (R-Ind.), and Sen. Lisa Murkowski (R-Alaska) is a cosponsor. I’ve traveled around Minnesota to talk
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