Saturday, September 5, 2015

Left Wing Front Group Funded by NC Taxpayers

A liberal front group has its paws deep in the pockets of North Carolina taxpayers.  An organization called The Support Center describes itself as a private nonprofit “community development financial institute” when in fact it is a creature of left wingers in the state government and politically connected teat squawkers.  The Civitas Institute reported the following:

-It has received more than $20 million in taxpayer funds since 2007.

-According to an internal audit, 98 percent of The Support Center’s revenue comes from government entities, with about 57 percent from the NC Commerce Department.

-It is the taxpayers’ money that is at risk when The Support Center makes loans.

The Support Center is also in the business of buying bad loans from other groups, and forcing taxpayers to absorb the loss:

-In April 2010 it purchased $1.3 million in delinquent mortgage loans from a credit union, with “significant losses expected.”

-In April 2014 the Support Center purchased more than $430,000 in risky loans from Self-Help Credit Union, with nearly 10 percent of the outstanding portion already past due.

-The Center wrote off more than half a million in bad loans, and another $166,000 in losses of “at-risk investments” last year alone – maneuvers that also used taxpayer funds.

The Support Center has not only been politically connected to movements seeking to “eviscerate” current legislative leadership, it involves taxpayers bailing out bad loans. It is not a core function of government to force taxpayers to bankroll activist groups and pay for loans to start-up businesses or to bail out bad loans.

This organization is connected to the “Moral Mondays” protestors.  We are beginning to find out just how immoral these people really are.


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