Morris Brown College on the brink of foreclosure

Morris Brown, a historically black college established in 1881 by the African Methodist Episcopal Church, is facing foreclosure.

“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, a 1990 graduate of Morris Brown. “The school is needed now more than ever.”

Morris Brown foreclosure

Due to extreme financial mis-management in 2002, Morris Brown lost its accreditation and federal funding, and has faced a long battle with debt.

The college which had more than 2,500 students at one point, trickled down to a few dozens students, and reportedly now 50 students.

11alive.com reports:

According to the [A.M.E. Church], a creditor of the historically black college, a corporation which holds $13 million in college bonds secured by its downtown Atlanta property, has called the loans and the college is unable to pay.

In a statement, Preston W. Williams II, chairman of the board of trustees of Morris Brown, said he will announce the school’s formal response on Saturday, Aug. 25, at 1 p.m. at an event on the school’s campus.

Earlier this year, Atlanta Business Chronicle reported that plans to develop a Truett Cathy Legacy Project on the campus of Morris Brown had fallen through. The project would have utilized portions of the college’s campus.

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