The Irish College in Rome has started a campaign to raise £250,000 for essential repairs on the building.
Situated in central Rome, it is the last of 20 Irish colleges in Europe to continue to train priests.
However, it is probably best known among Irish people for the marriages which have taken place there. Over the past 25 years, some 5,000 Irish couples have wed at the college and they continue to do so at the rate of about 300 a year.
The Irish bishops, when visiting the Vatican, also stay there.
In the summer, the college tends to be used as accommodation by Irish people visiting Rome, with between 90 and 100 staying at any given time between the end of June and the end of September.
During the academic year up to 60 young men study there. Most tend to be Irish, with some international students.
As would be expected, the college has a strong historical association with Ireland since it was established by Luke Wadding and Ludovico Ludovisi in 1625.
St Oliver Plunkett was a pupil and it contains the monument built to hold the heart of Daniel O'Connell, which he willed to Rome.
The archive contains original documents belonging to both men, as well as much original material from the War of Independence. There is also a fine library.
The college has been located at five addresses in Rome since first opening and is at its current location since 1926. Restoration work began in 1987 and it is hoped that it can be completed in time for next year's celebrations.
The rector, Mgr John Fleming, said it was also hoped to use money raised by the current drive to open a visitors' centre to cater for Irish people visiting Rome for the millennium and to open a central office for all Irish visiting Rome between October of this year and the end of January 2001.
Among the college's many distinguished visitors have been four popes, including Pope John Paul, five Irish Presidents, including Mrs McAleese, six Taoisigh and all of Ireland's eight cardinals.
Contributions to the college restoration fund can be sent to the Irish College Rome Draw, PO Box 5577, Dublin 8. Those who contribute before August 31st will be entered into a raffle for prizes which include a millennium trip to Rome for four, a car, a four-wheel drive vehicle and two tickets to next year's All-Ireland hurling final.