Transforming Emptying Houses of Worship

Abstract

The former Vice President of Research and Planning of the National Council of Churches estimates that 100,000 houses may be closed over the next decade. Not only have Catholics pulled back on attending church, but also a U.S. Bankruptcy Court judge has ordered the Diocese to turn illiquid assets into cash to pay $100 million in damages to those sexually abused by priests. First United Methodist Church in Downtown Miami sold to a private developer for $55 million. Developing affordable housing often means cobbling together and leveraging multiple funding sources. Besides faith-based lenders, traditional banks, and social impact investor groups, look to government grants, subsidies, bonds, and tax incentives.