Philly archdiocese sells properties for $56M
The Roman Catholic Archdiocese of Philadelphia has sold three land parcels for more than $56 million to shore up its finances.
Officials said Thursday the transactions involve about 700 acres. Most proceeds will go toward a parish trust and loan fund. About $3.7 million will go to the priests’ pension fund.
A 200-acre tract in Delaware County had been home to church facilities serving dozens of men with disabilities. Those residents are being relocated to make way for commercial and residential development.
Officials say buyers’ plans are unclear for a 54-acre parcel in Chester County and a 454-acre lot in Northampton County that housed a defunct spiritual retreat.
The archdiocese says its operating deficit has shrunk from $39 million to $5 million, but significant pension and insurance liabilities remain.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
A New Jersey legislator wants to allow homeowners to make smaller, biweekly mortgage payments. She said it can save them tens of thousands of dollars.
8 hours ago
The Greater Philadelphia Chamber of Commerce members were surveyed by the Federal Reserve Bank of Philadelphia about the economy. Here’s what they said.
7 days ago
Listen 0:55
Delaware, New Jersey and Pennsylvania score high for identity theft, says Wallethub report
WalletHub reported Delaware, New Jersey and Pennsylvania are vulnerable for identity theft and fraud in 2025, due to the rising number of data breaches.
2 weeks ago
Listen 0:57