Diocesan Foundation Inc.
DIOCESAN FOUNDATION, INC.
CLERGY HOUSING LOAN
Loans are available to the active clergy of the Episcopal Diocese of Atlanta. The purpose of the loan must be to financially assist the clergy person with the purchase of their primary residence. Under special circumstances, the Foundation may consider granting a loan intended for use in renovating an existing primary residence. All loans will be considered on the basis of availability of funds at the time of application. All loan applications and financial statements are reviewed by and subject to the approval of the Diocesan Foundation Board. All loans are secured with a Deed to Secure Debt placed on the property. New loans are financed at the rate of interest set by the Foundation board and are subject to change at anytime. The current* rate for a clergy housing loan is 4% and may not exceed a term of ten years. Here are the steps involved in the loan process:
1. The request for a clergy housing loan from the Diocesan Foundation, Inc. is first made through the vestry of the parish on behalf of the cleric. A vestry resolution, approving and supporting the clerics purchase and Foundation loan, as recorded in the minutes (sample enclosed), is sent to the finance office. The resolution also includes the vestry’s pledge to assist in selling the home in the event relocation takes place prior to repayment of the loan. A sample resolution is available from the finance office.
2. A Deed to Secure Debt will be placed on the property. The legal description of the property (as appears on the deed) must be provided during the application process. The borrower is responsible for the fees involved in this filing and is usually billed directly by the diocesan chancellor, Richard Perry.
3. A completed loan application/financial statement from the cleric is required and should be submitted to the Director of Finance for processing. The loans application/ financial statement, vestry resolution and property description are submitted to the finance office of the diocese. This information is shared with the members of the Foundation board and the Director of Finance. All loans are subject to the approval of the board.
4. A maximum of $25,000 plus interest may be borrowed and the maximum term is ten years. The cleric will sign a promissory note to the Diocesan Foundation, Inc. Loan payments are due on the first of each month. Upon transfer to another parish, or upon leaving the Episcopal Diocese of Atlanta, the loan shall be come due and payable in full.
5. Send all application information or questions regarding this loan to the Director of Finance, Episcopal Diocese of Atlanta, 2744 Peachtree Road, Atlanta, GA 30305 or email (404/601-5350).
* Current interest rate of 4% as of July 1, 2006.
Send all application information or questions regarding this loan to Ernie Radaker, Director of Finance, Episcopal Diocese of Atlanta, 2744 Peachtree Rd., Atlanta, GA 30305 or e-mail eradaker@episcopalatlanta.org (404) 601-535
