NEW YORK
New York Daily News
STEPHEN REX BROWN
NEW YORK DAILY NEWS
Tuesday, February 28, 2017
The Archdiocese of New York is seeking approval of a $100 million loan by mortgaging land behind St. Patrick’s Cathedral that will be used to pay victims of sexual abuse by clergy.
The loan, which requires a judge’s approval, will use the land, occupied by the Lotte New York Palace Hotel, as collateral.
Joseph Zwilling, spokesman for the Archdiocese, confirmed “the loan would be used to cover the settlement costs” of the Independent Reconciliation and Compensation Program.
Timothy Cardinal Dolan announced the program last year meant to compensate victims of abuse of Archdiocese of New York clergy who were barred from bringing claims of sex abuse in court by the state’s statute of limitations.
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