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.
Enrollment at the Atlanta school is down to about 50 students, The Atlanta Journal-Constitution reported (http://bit.ly/Oxpe2z). At times in its history, the university's enrollment has topped 3,000 students.
The college is facing the foreclosure action after investors called $13 million worth of bonds tied to the college, officials said.
“This is heartbreaking and not only a sad day in the life of Morris Brown, but in black academia,'' said former Atlanta City Councilman Derrick Boazman, who is a 1990 Morris Brown graduate.
“The school is needed now more than ever,'' he said.
The school is planning a prayer vigil Saturday, where plans to move the school forward will be discussed. Officials will talk about reorganizing and restructuring as well as finances, said Benjamin Harrison, a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school.
“There is the need to raise millions of dollars to counteract that deficit,'' Harrison said. “But if that money is not raised, the school is in jeopardy,'' Harrison said.