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Affordable
Home Buyer
Program Purpose
The purpose of the
Central Alabama OIC Affordable Home Buyer Program is to help
qualified households become home owners. OIC assists with the
purchase of homes OIC builds for you, the purchaser, on lots owned
by OIC.
A key mission in CAOIC's future is to continue to develop and encourage programs which will provide affordable housing to disadvantages citizens in Central Alabama. Central Alabama OIC has been designated as the
CHDO (Community Housing Development Organization) for the City of Montgomery and the State of Alabama.
CHDO, or the HOME Program as it is referred to, was created by the national Affordable Housing Act of 1990 to expand the supply of decent, safe, sanitary, and affordable housing.
OIC builds all
homes to very high standards, usually after a buyer selects a home,
and always before closing of the sale.
Qualifications
& Restrictions
For assistance in
purchasing a home, you must meet the following qualifications:
- During the first
year you must commit to paying taxes and insurance
annually. They probably will abount to $400-$500 per
year. You should be sure you can meet these financial
obligations of home ownership. If you have weak or limited
credit, or a very limited income you may need to check with a
lender to see if you can qualify for the required
loan. You should check your loan qualification
status before completing an OIC application.

- Prior to close
the sale of a home, you must successfully complete the Affordable
Home Buyer Workshop. OIC will then make a
determination whether you have the capacity to undertake home
ownership. In some cases, where OIC can make a judgment
based on counseling, the workshop may be deferred until after
you purchase a home.

- OIC will hold a
mortgage lien against a home purchaser under this program for a
period of 15 years. If you sell the home during this
period, you will either repay the OIC loan, or sell the home to
a 1) low income family that will use the home as its principle
residence and whose housing costs will be reasonable; 2) at a
reasonable price; and 3) you receive a fair return on your
investment and OIC is able to recapture a fair share of its
subsidy.

- Homes built in
the flood hazard area must be covered by flood insurance.

- You may apply at
Central Alabama OIC, 2035 Mobile Road, Montgomery, Alabama,
during normal office hours. Please phone (334) 265-1594 to
confirm office hours. You will be required to complete a
detailed application and pay a non-refundable application fee in
order to be considered for a home purchase. OIC's
application approval process will include verification of the
qualifications and restrictions listed above.

- Applicants ho
can obtain the required loan and are otherwise qualified will be
offered the opportunity to choose a home site and a floor plan
from OIC's available lots and house plans. Lots are
available on a first-come, first-served basis. You will
remain an eligible applicant for this program until: 1)
You choose and purchase a home; 2) You remove yourself from the
applicant list, or 3) OIC terminates the program at such time as
OIC has no more lots or homes available for sale.
How to Get More
Information
To obtain more
information about the OIC Affordable Home Buyer Program, please
contact Central Alabama Opportunities Industrialization Center,
Inc. at
2035
Mobile Road
Montgomery, Alabama 36108

(334) 265-1594

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