wfn.org | ELCA Mission Investment Fund Announces New Terms, Rates

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ELCA NEWS SERVICE

January 9, 2003

ELCA MISSION INVESTMENT FUND ANNOUNCES NEW TERMS, RATES
03-003-FI

     CHICAGO (ELCA) --The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) announced new terms for
loans to ELCA mission congregations that include a zero-percent interest
rate for the first two years and a 2 percent interest rate for the next
five years for purchases of vacant sites for future church buildings.
The Fund also announced new interest rates on investments offered by the
Fund, effective Jan. 1.
     "The MIF is mindful that, when a congregation is first organized,
any monthly payment represents a significant expense," said Andy Waters,
MIF operations director. "A zero-percent loan for two years enables a
developing congregation to own property immediately and to have lower
expenses as it matures."  In addition, Waters said, the 2 percent
interest rate for the next five years lowers payments, allowing a
congregation to pay off a loan quickly.
     The Fund also changed the term for loans to mission congregations
for construction of initial church buildings.  These loans now have a 3
percent interest rate for seven years, instead of five years, with an
amortization schedule of no more than 15 years.
     In addition, the term for loans to established ELCA congregations
for capital projects has increased to 20 years from five years.  Waters
said that, instead of having a "balloon payment" due after five years,
congregations will have interest-rate reviews at five, 10 and 15 years.
     The MIF also announced new interest rates for the adjustable-rate
and fixed-rate investments it offers to ELCA congregations and their
members and to ELCA-related institutions.
     "Funds invested by Mission Investors are used by the MIF to make
loans to ELCA congregations," said the Rev. Arnold O. Pierson, MIF vice
president for marketing.  "Investors in the MIF are truly sharing the
faith and helping to build the Lutheran church," he said.

ADJUSTABLE-RATE INVESTMENTS
     The interest rates for adjustable-rate Mission Investments from
Jan. 1 through June 30, 2003, are:

MissionPlus:	      2.0 percent

This investment provides a checkbook which investors can use to write
checks in amounts of $500 or more.

MissionFuture:	      2.9 percent

This investment can be purchased by adults for children from birth to
age 16.  The investment matures on the young person's 18th birthday.

MissionTerm (unsecured investment obligations issued by the Mission
Investment Fund):

 --  1 year term      1.4 percent
 --  3 year term      2.1 percent
 --  5 year term      2.9 percent
 -- 10 year term      3.9 percent

MissionTerm investments held in Traditional or Roth Individual
Retirement Accounts (IRA) or in Coverdell Education Savings Accounts
(CESA): An adjustable-rate MissionTerm investment can be held as a
Traditional or Roth IRA or a CESA with Fifth Third Bank as custodian:

 --  3 year term      2.1 percent
 --  5 year term      2.9 percent
 -- 10 year term      3.9 percent

FIXED-RATE INVESTMENTS

      Interest rates for the Mission Investment Fund's fixed-rate
investments are reviewed monthly.  The interest rate that is in effect
at the beginning of a term remains in effect  throughout the term of an
investment.  Interest rates for fixed-rate investments, in effect from
Jan. 1 through Jan. 31, 2003, are:

MissionTerm and MissionTerm investments held in Traditional or Roth IRAs
or in a CESA:

 -- 2 year term       3.0 percent
 -- 4 year term       4.0 percent
 -- 6 year term       5.0 percent

     Nearly 500 MIF loans are currently in effect in the United States,
Puerto Rico and the U.S. Virgin Islands.  One-third of the ELCA's 10,766
congregations, thousands of individual Lutherans and numerous
ELCA-related organizations are investors in the Fund.  The ELCA Mission
Investment Fund has total assets of nearly $400 million.
-- -- --
     Mission Investments are securities that are sold only by means of
the Offering Circular, which can be obtained from the Mission Investment
Fund.  Mission Investments are subject to certain risks.  See "Risk
Factors" following the introduction in the Offering Circular.  As
securities issued by a non-profit institution, the investments offered
by the Mission Investment Fund are not insured by FDIC, SIPC or any
federal or state regulatory agency.

EDITORS:  Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending an
e-mail to mif@elca.org or by accessing http://www.elca.org/ot/mif on the
ELCA Web site.

For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html