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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