Foundation Directors Vote Loans to Dioceses
Episcopal News Service. February 2, 1976 [76033]
NEW YORK, N.Y. -- Loans to four dioceses for parish building programs were authorized by the board of directors of The Episcopal Church Foundation at their January meeting. The interest-free loans, totalling $42,500, will be made from the Foundation's Revolving Loan Fund and are repayable in ten annual, equal installments, with a 2 percent administrative charge on the unpaid balance.
A loan of $2,500 was made to the Diocese of South Carolina for the use of the Church of the Resurrection in Surfside Beach. These funds, and others provided locally, have been used to repair termite and other damages to the church structure.
The Diocese of Colorado received $25,000 to enable St. Joseph's Church in Lakewood to add 2,700 square feet to its present building, to provide much needed space for its parish hall and Sunday school classes. Six years ago an addition tripled the church's seating capacity, since when the congregation, located in a growing Denver suburb, has doubled its size. This loan was made in conjunction with a loan from the Episcopal Church Building Fund to finance the total construction costs.
The Church of the Good Shepherd is one of the oldest congregations in Mobile, Ala. Organized as a mission church in 1854, it has remained a predominantly black congregation in the heart of a thriving black community. A loan of $2,500 to the Diocese of the Central Gulf Coast will help to repair the building's roof and steeple and to replace rotted cantilever beams.
A $12,500 loan to the Diocese of Southeast Florida will be used, together with a diocesan loan and parish pledges, to purchase a plot of land and build a rectory for St. Patrick's in West Palm Beach. Recent growth has enabled the congregation to undertake building its own rectory, rather than renting a house for its rector.
The Episcopal Church Foundation is a national, independent organization of laymen and women who support projects of significance to the Church that would otherwise be left undone. Its Revolving Loan Fund is one part of the Foundation's total program.