Hebrew College Will Sell Building To Eradicate $32 Million Debt
The Hebrew College in Boston must sell its building as part of a deal to free itself of a $32.1 million debt that threatened its existence, according to the school’s president.
Rabbi Daniel Lehman sent a letter to the college’s board members Nov. 18 telling them that the college has struck a deal with its creditor to eliminate its obligation.
As part of the agreement, Hebrew College must put up its building for sale, with the proceeds going to the creditor.
“Together with the nearly 50 percent reduction in operating expenses over the past three years, as well as changes in management and board composition, the planned resolution of our debt will pave the way for sustainable, responsible growth in the years ahead,” Lehman wrote. “We are grateful for our creditor’s willingness to work with us to reach this outcome.”
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning journalism this Passover.
In this age of misinformation, our work is needed like never before. We report on the news that matters most to American Jews, driven by truth, not ideology.
At a time when newsrooms are closing or cutting back, the Forward has removed its paywall. That means for the first time in our 126-year history, Forward journalism is free to everyone, everywhere. With an ongoing war, rising antisemitism, and a flood of disinformation that may affect the upcoming election, we believe that free and open access to Jewish journalism is imperative.
Readers like you make it all possible. Right now, we’re in the middle of our Passover Pledge Drive and we still need 300 people to step up and make a gift to sustain our trustworthy, independent journalism.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
Only 300 more gifts needed by April 30