ELCA NEWS SERVICE
December 17, 2003
ELCA Mission Investment Fund Cuts Interest Rates On Some Loans
03-230-FI
CHICAGO (ELCA) -- The Mission Investment Fund of the Evangelical
Lutheran Church in America (ELCA) announced Dec. 9 a reduction in interest
rates for loans made to more than 50 ELCA congregations for initial
church-building programs or purchases of vacant sites for future churches.
The rate reduction is effective Jan. 1, 2004.
The interest rate for the congregations' loans will be lowered to 3
percent for the remaining terms of the respective loans. Interest rates
on these loans varied from 4 to 7 percent. The interest-rate reduction by
the Fund represents a savings to the congregations of more than $1.4
million.
The loans receiving the interest-rate reduction were made prior to
January 2003, when the Fund announced an interest rate of 3 percent for
seven years to young mission congregations for the construction or
purchase of initial church buildings. The Fund also offered mission
congregations a zero-percent interest rate for two years, followed by a
two-percent interest rate for five years, for purchases of vacant land for
future church buildings.
"Because the Mission Investment Fund has been blessed with the
support of our investors, we are able to offer the same opportunity for a
lower interest rate to these congregations," said Andy Waters, vice
president for operations, ELCA Mission Investment Fund. "With the
reductions in interest rates, these congregations should be able to pay
off their loans sooner or apply the funds to furthering their ministries."
The Mission Investment Fund offers investment opportunities to ELCA
congregations, their members and ELCA-affiliated institutions such as
colleges, universities and social-service agencies. With the invested
monies, the Fund makes loans to ELCA mission congregations for purchases
of land and construction of initial church units, and to established ELCA
congregations for renovating or expanding existing facilities, relocations
and purchases of land. Nearly 500 loans are in effect throughout the
United States, Puerto Rico and the U.S. Virgin Islands.
More than one-third of the ELCA's 10,721 congregations, thousands of
individual Lutherans and numerous ELCA-affiliated institutions are
investors in the Fund. The Mission Investment Fund has total assets of
more than $420 million.
---
Information about the Mission Investment Fund -- including current
interest rates -- is available at http://www.elca.org/ot/mif/ on
the ELCA Web site.
For information contact:
John Brooks, Director (773) 380-2958 or [log in to unmask]
http://www.elca.org/news
