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