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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
