Sept. 29, 2005
TOWN AND COUNTRY BANK MAKES DONATION TO MCEC'S HOMEOWNERSHIP PROGRAM
Town and Country Bank of Rolla recently donated $30,000 to Meramec Community
Enhancement Corporation for its homeownership program in exchange for Neighborhood
Assistance Tax credits, announced John Petersen, president of MCEC, a local
501(c)3 that works in partnership with Meramec Regional Planning Commission
to offer homeownership opportunities to income eligible families.
MCEC uses grant funds, resale proceeds and donations to renovate homes to like-new
condition and sell them, at their appraised value, to first-time, income-eligible
homebuyers. MCEC provides new appliances and assists with down payment and closing
costs. Since 1994, MCEC and MRPC have purchased, renovated and sold 28 homes.
The latest home to be completed through the program was at 689 Salem Avenue
in Rolla.
"It's an excellent program to allow first-time homebuyers to get into a
beautiful new home, and we recommend other businesses to look into it,"
said John Kolbe, CEO for Town and Country Bank. "We would consider doing
it again in the future."
Town and Country Bank is a locally owned bank with a local board of directors,
lead by President/Chairman of the Board Roger Gott. The bank has 10 locations
in south central Missouri, and those are located in Salem, Licking, Mountain
Grove, Ava, Bourbon, St. James and Rolla.
Kolbe and his colleagues-Caren Whites, vice president of lending, and Ron Calhoun,
senior vice president-had an opportunity to see the benefits of the program
when they toured the recently completed home on Salem Avenue in Rolla. Petersen
accompanied them on the tour.
"We are thrilled that Town and Country Bank has chosen to partner with
MCEC to provide more affordable homeownership opportunities in our region,"
said Petersen. "Donations like this one allow our limited funding to be
stretched for maximum benefit," Petersen added. "The donation will
allow us to continue to improve homes and help families buy their own homes,
and it also offers the opportunity to secure other grant funds because we have
some unrestricted cash available to leverage other dollars."
MCEC recently closed out its three-year NAP, which is administered by the Missouri
Department of Economic Development and designed to improve the quality of life
for communities and their residents. The program enables donors to redirect
their Missouri tax dollars to local projects in exchange for state-approved
tax credits. The credits available through MCEC equaled 70 percent of the contribution's
value.
Most of the donations to the MCEC's NAP project came in the form of in-kind
labor and materials for the homes being renovated. "For example, an electrician
would donate his time to rewire a house in exchange for tax credits, or a supplier
would donate windows for a house, and we even had a bank to donate a house it
had taken back," explained Petersen.
"Our program is a lot like Habitat for Humanity," added Richard Cavender,
executive director of MRPC, whose staff coordinates MCEC programs. "The
differences are that we use existing housing stock, and homeowners must secure
their own financing. However, like Habitat, we rely heavily on volunteer labor
and donations. We also require the prospective homeowners to contribute "sweat"
equity, either with their home or another home in the program."
MCEC is governed by a 21-member board that includes representatives from each
county in the Meramec Region and includes elected officials, business and civic
leaders and working families. MCEC serves Crawford, Dent, Gasconade, Maries,
Osage, Phelps and Washington counties. The group meets quarterly at MRPC. Other
officers, in addition to Petersen as president, include Wayne Langston of Belle
as vice president; and Ed Mitchell of Cuba as secretary; and Byron Baker of
Linn as treasurer.
MCEC currently has a home for sale in Owensville, and another under renovation
in Owensville. For more information on homeownership opportunities, please contact
MRPC at 573-265-2993.
Representatives with Town and Country Bank saw the benefits of MCEC's homeownership
program while touring one of the group's renovated homes on Salem Avenue. The
bank recently made a $30,000 contribution to MCEC for its homeownership programs.
Pictured in front of the recently sold Salem Avenue home are Caren Whites of
Town and Country Bank, John Petersen of MCEC, Richard Cavender of MRPC, and
John Kolbe and Ron Calhoun of Town and Country Bank.