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

2. Partners: Industry BB&T Center for Participatory Change CRA-NC NC Housing Coalition

3. 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

4. Partners: Foundation Fund for Democratic Communities Mary Reynolds Babcock Foundation The Conservation Fund Z. Smith Reynolds Foundation

5. Partners: Community Celo Community, Inc. Cooper Blvd. Support Network Glen Raven, Inc. Vecinos Unidos

6. 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

7. Property 8 acre parcel –3 acres inside town limits –5 acres in county 14 mobile home units

8. 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

9. Water Public water Town is responsible for water system up to individual meters

10. 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

11. Acquisition Appraised Value:$318,000 Purchase Price:$300,000 – $37,500 per acre

12. Bridge Financing BB&T (24 mo., interest-only): $200,000 CRA-NC (24 mo., 0%): $100,000

13. Predevelopment Financing The Conservation Fund (grant):$ 7,000

14. Resident Contributions Equity$ 1,000 Rent Increase$ 50/month $ 8,400/12 mo.

15. Permanent Financing FHLB-AHP Refinance Package – $160,000 loan – $140,000 grant

16. Operations Unit/Month Rental Income: $ 200 Utilities Paid by Residents: $ 35 Rental Collection (12 mo.): 99.7%

17. Expenses Unit/Year Expenses (incl. utilities):$ 1,550 Reserves: $ 250

18. BARRIERS Cultural Language Literacy Education Financing Industry acceptance of M.H. and CLT

24. Kevin J. Drexel Asheville, NC Voice: (828) 713-5110 Email: kjdrexel@aol.com