Glenn Grothman Calls Expansion Of Low-Income Tax Credit A ‘Strange’ Solution To Housing Crisis

During House floor remarks on Tuesday, Rep. Glenn Grothman (R-WI) spoke about the expansion of the low-income housing tax credit.

Transcript

00:00I would like unanimous consent to speak for one minute and to revise and extend my remarks.

00:04Without objection, the gentleman is recognized for one minute.

00:07Today in a committee hearing, which there are probably very few people in the room,

00:12the Republican majority voted to expand the low-income housing tax credit.

00:19First of all, the low-income housing tax credit doesn't really benefit a lot of low-income

00:24people.

00:25But in any event, the way it works, we give 70% of the cost of a developer's project

00:34to him in tax credits.

00:3670%.

00:37That seems a strange way to solve the housing crisis in this country for a Democrat.

00:42It's even stranger for a Republican.

00:47Even stranger for a Republican.

00:49But in any event, I think people should look at this.

00:52We're spending $13.5 billion every year on this credit.

00:57And like I said, it primarily, you can get it on all sorts of think tanks.

01:04The primary benefit is the developer, probably the number two beneficiaries, the biggest banks

01:13in the country.

01:14And it is something that ought to be reviewed.

01:19For what purpose does the gentlewoman from Ohio seek recognition?