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:

1. 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.
   
2. 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.
   
3. 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.
   
4. Homes built in the flood hazard area must be covered by flood insurance.
   
5. 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.
   
6. 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