The Archdiocese of New York plans to get a $100 million loan to pay victims of sexual abuse within the church—though it may not be enough. The archdiocese is seeking a one-year mortgage from JPMorgan Chase on land across the street from St. Patrick's Cathedral, where the Lotte New York Palace Hotel now sits, according to documents filed in Manhattan Supreme Court, per Reuters. State law requires court approval before a church can mortgage its property. Archdiocese rep Joe Zwilling says "the loan would be used to cover the settlement costs" that have sprung out of the Independent Reconciliation and Compensation Program, which was set up last October, reports the New York Daily News.
The program seeks to compensate victims of clergy sex abuse who vow not to take their cases to court. In many cases, the statute of limitations has already expired; victims must identify themselves by age 23. A mediator says 144 people have filed claims so far—more claims are expected—and 64 settlement offers have been made, though she refused to say how much money victims were being awarded. Even so, an attorney representing one alleged victim doubts $100 million will be enough to settle all the claims. Zwilling appears to agree. He tells CBS New York that "once we know later this year what the final number will be, we will be negotiating a longer-term loan to pay out the costs of the program." (Read more Archdiocese of New York stories.)