Burnsville Land Community, Inc. Burnsville, NC Yancey County.

Burnsville Land Community, Inc.

Burnsville, NC

Yancey County

Partners: Industry

• BB&T

• Center for Participatory Change

• CRA-NC

• NC Housing Coalition

Partners: Faith Community

• Catholic Campaign for Human

Development

• Jesuits of WNC, Maryland Province

• Presbyterian Self Development of People

• Sacred Heart Catholic Church (Burnsville)

• Sisters of Mercy, Cincinnati Region

Partners: Foundation

• Fund for Democratic Communities

• Mary Reynolds Babcock Foundation

• The Conservation Fund

• Z. Smith Reynolds Foundation

Partners: Community

• Celo Community, Inc.

• Cooper Blvd. Support Network

• Glen Raven, Inc.

• Vecinos Unidos

Community Profile

• 14 families

• 59 people – 27 adults and 32 children

• 10% U.S.

• 90% Mexico

• Median Income = $17,670

• Median Household size = 5 persons

Property

• 8 acre parcel

– 3 acres inside town limits

– 5 acres in county

• 14 mobile home units

Property• Zoning – M.H. on individual lots prohibited

• 2.5 acres open space: 25%-30% slopes with natural drainage area

• 1.75 units per acre

• Topography – moderate to steep slopes

Water

• Public water

• Town is responsible for water system up to individual meters

Sewer• Public sewer

• BLC is responsible for sewer system inside park

• Aging with PVC pipe and older orangeburg pipe

– Locations and depths unknown– Sizing inadequate– Designed for RV park

Acquisition

• Appraised Value: $318,000

• Purchase Price: $300,000

– $37,500 per acre

Bridge Financing

• BB&T (24 mo., interest-only): $200,000

• CRA-NC (24 mo., 0%): $100,000

Predevelopment Financing

• The Conservation Fund (grant): $ 7,000

Resident Contributions

• Equity $ 1,000

• Rent Increase $ 50/month

$ 8,400/12 mo.

Permanent Financing

• FHLB-AHP Refinance Package

– $160,000 loan

– $140,000 grant

Operations

Unit/Month

• Rental Income: $ 200

• Utilities Paid by Residents: $ 35

• Rental Collection (12 mo.): 99.7%

Expenses

Unit/Year

• Expenses (incl. utilities): $ 1,550

• Reserves: $ 250

BARRIERS

• Cultural

• Language

• Literacy

• Education

• Financing

• Industry acceptance of M.H. and CLT

Kevin J. Drexel

Asheville, NC

Voice: (828) 713-5110

Email: kjdrexel@aol.com