The Archdiocese of New York is taking steps to compensate hundreds of victims who allege they were sexually abused.

The church says it is raising $300 million and has named a mediator to help reach a settlement with accusers.

How the Archdiocese of New York plans to raise $300 million

In a letter Monday, Cardinal Timothy Dolan announced the Archdiocese of New York is making a series of difficult financial decisions to raise enough money to cover settlements for roughly 1,300 outstanding claims by victims of sex abuse.

Actions include laying off staff, reducing the operating budget by 10%, and finalizing the sale of real estate assets, which include the archdiocesan headquarters on First Avenue in Manhattan, to raise the necessary funds.

In a statement, Cardinal Dolan wrote, "As we have repeatedly acknowledged, the sexual abuse of minors long ago has brought shame upon our Church. I once again ask forgiveness for the failing of those who betrayed the trust placed in them by failing to provide for the safety of our young people."

On Monday, the Immaculate Heart of Mary parish in Scarsdale announced it filed for bankruptcy. Cardinal Dolan says it was their only financial option, as the parish was frequently named as a defendant in Child Victims Act cases due to alleged abuse by a former sports coach in the 1960s.

The legislation, which passed in 2019, gave a one-year window for sexual abuse survivors to file civil lawsuits barred by the statute of limitations.

Parishioners react to sex abuse settlement

At St. Patrick's Cathedral, parishioners arriving for early morning mass Tuesday were heartened to hear the church is making amends for its past failings.

"I think it's the appropriate thing to do, and healing is important," parishioner Bill Hannan said.

"Growing up Catholic, I think that if people were victimized, they should be compensated for it, whatever they have to do," parishioner Jennifer Hunt said.