CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the Evangelical Lutheran Church in America (ELCA) announced new interest rates for loans to ELCA congregations and related ministries, and a new 10-year loan option with a fixed interest rate.
The MIF's primary mission is to provide loans to mission congregations to purchase land and construct church buildings and to established ELCA congregations for renovation, expansion and relocation projects.
"Through the investments and loans it offers, the MIF provides a firm foundation from which ELCA congregations can continue their long and effective tradition of witness and service," said Andy Waters, MIF vice president and director of operations.
Interest rates from July 1 through September 30, 2004, for ELCA congregations, synods and ELCA-related institutions such as colleges, universities, seminaries and social service agencies, are:
+ MIF Long-Term Loans (5.25 percent): Church building loans generally involve two loans -- a short-term loan to finance construction and a long-term loan to pay off the construction loan. This loan combines the two types of loans for projects such as renovations, building additions, relocations, purchases of land and refinancing of debt from other financial institutions.
+ MIF Construction Loans: (6 percent): These loans are generally offered for periods of six to 12 months, depending on the length of construction.
+ MIF Loans for Smaller Projects (5.25 percent): Made for shorter periods of time, these loans finance special projects, such as repairs to church facilities. They are available in amounts from $20,000 to $100,000.
New 10-Year, Fixed Interest Rate Loan Available
The MIF also announced the availability of a loan with a maximum 10-year amortization and a fixed interest rate. Previously MIF Long-Term Loans and MIF Loans for Smaller Projects were available to congregations and ELCA-related institutions with a maximum amortization of 20 years and interest rate reviews every five years. The rate in effect July 1 to September 30, 2004, for the new 10-year, fixed-rate loan is 5.5 percent.
"The terms of this loan will be attractive to ministries that want to lock in an interest rate over time," Waters said. "Borrowers will know exactly what their mortgage payments will be over the lives of their loans."
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* David Dalton is marketing editor for the Mission Investment Fund.
Information about applying for MIF loans can be obtained by calling (877) 886-3522 (toll free) or via e-mail at mif@elca.org. The MIF is at www.elca.org/mif on the ELCA Web site.
For information contact:
John Brooks, Director (773) 380-2958 or news@elca.org
http://www.elca.org/news
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
