Foreclosure looming for Morris Brown

Created on Friday, 31 August 2012 10:21 Last Updated on Monday, 03 December 2012 19:52 Published on Friday, 31 August 2012 10:21 Written by Associated Press Hits: 1123

ATLANTA (AP)—One of the nation’s oldest black colleges is facing foreclosure next month, and an auction of assets is set for Sept. 4.

The Atlanta Journal-Constitution reports that enrollment at Morris Brown College in Atlanta is down to about 50 students. In the past, the university has served more than 3,000 students.

Officials said the college is facing foreclosure after investors called $13 million worth of bonds tied to the college.

Former Atlanta City Councilman and Morris Brown graduate Derrick Boazman called the development “heartbreaking.”

Benjamin Harrison is a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school. He says officials will talk about reorganizing and restructuring as well as finances.