Foundation Loans for Building Churches
Diocesan Press Service. August 8, 1974 [74212]
NEW YORK, N.Y. -- Loans totaling $200, 000 from the Revolving Loan Fund of The Episcopal Church Foundation have been approved for projects in eight dioceses so far this year. The Fund was established in 1952 to make 10-year, interest-free loans for the construction or renovation of church buildings in parishes and missions.
The loans were made to:
* The Diocese of Chicago to help rebuild St. Thomas' Church in Chicago, which was destroyed by fire -- $50,000.
* The Diocese of Colorado, which received $25,000 to complete the construction of a new multi-purpose church building for St. Gregory's Mission in Littleton, which has synchronized its planning with a neighboring Roman Catholic parish to provide facilities for the combined programs of both churches.
* The Church Financial Service in the Diocese of Massachusetts, which received a special loan of $10,000, from funds set aside for such purposes, to enable the Service to expand its program of centralized bookkeeping procedures for parishes and missions so that it may become self-supporting.
* The Diocese of Oregon, which was lent $20, 000 to construct a badly needed church school and parish hall for St. James in the growing community of Tigard.
* The Diocese of San Joaquin for building a new church for St. Dunstan's in Modesto, California -- $25,000.
* The Diocese of South Carolina, which received $25, 000 to complete a new sanctuary for St. Peter's, Charleston.
* The Diocese of Washington in the amount of $25,000 for the continuing construction of the National Cathedral, with the recommendation that the Foundation consider another loan at a later date.
* The Diocese of West Virginia, which received $20, 000 to build a new parish house for the Church of the Transfiguration in Buckhannon.
Loans from the Revolving Loan Fund are authorized by the Board of Directors of The Episcopal Church Foundation and are re-payable in ten annual, equal installments, with a one per cent administrative charge on the unpaid balance.