Owensville resident uses MCEC/USDA programs to purchase first home

May 30, 2006
For immediate release
For more information, contact:
Bonnie J. Prigge, (573) 265-2993

OWENSVILLE—Terry Geisler of Owensville recalls the days when he and his dad had a garden to tend during the summer. He also remembers the grapevine that grew up over a trellis in the backyard. At 51, Geisler plans to relive yesteryear. He just purchased his first home at 609 W. Monroe St. in Owensville, and it has a deep backyard—nice and flat, perfect for a garden. And ironically, it has a grapevine.

“The first thing I’m going to do is grab a shovel and turn some dirt for a garden,” said Geisler as he signed closing paperwork to make the newly remodeled, two-bedroom home his own.

Geisler, who works at Grimco, was able to take advantage of Meramec Community Enhancement Corp. homeownership program and USDA’s direct home loan program. USDA offers low-interest loans with no down payment and adjustable monthly payments, based on income. MCEC, through its homeownership program, covers closing costs associated with purchase of one of its homes and provides new appliances.

The Owensville home is the 29^th to be renovated through MCEC’s homeownership program and the first in Owensville. MCEC, in cooperation with Meramec Regional Planning Commission, purchased the home in 2003 for its homeownership program. Since the mid-1990s, MRPC and MCEC have been buying properties in need of repair, renovating them and selling them at appraised value to income-eligible, first-time homebuyers. In doing so, MRPC typically assists the homebuyer in arranging financing, assists with the down payment, if needed, and pays most closing costs.

Volunteers, area businesses and prospective owners play an important role in the success of the program as donations keep renovation expenses down, explained Richard Cavender, MRPC executive director.

While MCEC contracts much of the skilled work, volunteers perform most of the manual work. MRPC staff supervises the volunteer work on weekends, and homebuyers also perform "sweat equity" either on their home or another home in the program.

Sherwin-Williams of Rolla donated paint and wallpaper for the home, and Ramey’s of Owensville, Hebbeler/Pepsi-Cola Bottling of Rolla and Owensville Wal-Mart, all donated food supplies for a July 2003 work day. It was that day that youth from the Owensville Christian Church and their youth minister at the time, Shane Jarvis, installed the siding on the home, with oversight and assistance from MRPC staff.

Geisler has been working on MCEC’s other homeownership project at 209 W. Madison in Owensville as a part of his “sweat” equity in the project.

MCEC’s program is similar to Habitat for Humanity, however, homes are not built from the ground up, and homebuyers must secure their own financing.

"The house is like new and even has new appliances," said Chuck Cantrell, MRPC homeownership program inspector and coordinator. It has a new roof and new siding, windows, a new central air unit, a new garage door and back door, and a new breaker panel. The home has been painted and wallpapered inside, and the bathroom was updated.

"This is a program where you can really see the difference that you are making," said MRPC’s Executive Director Richard Cavender. "The homes are transformed to like-new condition, and you are able to give someone a hand-up."

Geisler was excited about his move into homeownership as he talked about moving from his First Street apartment to his new home.

“I just stay in my apartment,” he noted. “I’m going to live in my house.”

MCEC and MRPC continue to work on a two-story, four-bedroom home at 209 W. Madison in Owensville. Legends Bank, formerly Charter One, donated the home to MCEC for renovation. A workday is planned on June 17. If you or your organization would like to volunteer, make a donation or want to learn more about purchasing the home, you can contact Cantrell or Nongluk Tunyavanich at MRPC at (573) 265-2993 or by email at ccantrell@meramecregion.org or nongluk@meramecregion.org.