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affordable housing 40b FAQ (thru page 4)

3. Income / pay-stubs

• I sent you the pay stub I found, why are you requesting them again?
Hi John Doe,
Unfortunately, we required you to submit your five most recent consecutive pay stubs from all sources of employment because that is the Affordable Program requirements (and we don’t make the requirements, we are just forced to follow them).One* pay stub is not enough to make an accurate income assessment, as the Affordable Program requires us to take the averages of all required paystubs (and make a projection off of that), and also use pay-stubs to check Year To Date earnings and other activity Please submit all the pay-stubs noted on the last incomplete notice issued by our office to you, and our compliance team will then be able to continue with the review of your application.
Kind regards,
*subject to the program
• I already sent you a picture of my pay stubs, why do you need them? (when illegible)
Hi John Doe,
Unfortunately, we need the pay stubs to be legible and we unable to read them and so we could not get the necessary information off of them. So please re-submit them in a legible format such as PDF. Pictures can be cut-off or blurry at the time of printing and typically are not accepted by the Program.
Kind regards,
• I am a per diem employee, and I don’t have five consecutive questions, what should I send?
Hi John Doe,
If you are a per-diem employee, please provide 1.) a signed and dated letter from an authorized company official – must specify:
a) current gross income per pay period,
b) frequency of pay periods,
c) any additional pay, i.e. bonus, overtime, shift differential, commission, etc., and
d) any anticipated changes over the next 12 months.
And 2.) all year-to-date pay stubs you currently have. Please note, this is a preliminary answer to your question, as applications are reviewed by our compliance team along with all other supporting documentation of your application and more documentation might be required.
Kind regards,
• I already sent you my last pay stub. Why are you still asking for proof of termination? (when pay stub was after November)
Hi John Doe,
Unfortunately, we can only accept the final pay stub as proof of termination, when the position was left before November 1st of the previous calendar year and the year-to-date gross income on the final pay stub matches the amount on the W-2 from that job for the previous calendar year. The pay stub you submitted does not satisfy both requirements, so we are unable to use it as proof of termination or separation of employment.
Kind regards,
• Why are you counting my overtime? I don’t know I’m going to get any in the future.
Hi John Doe,
Unfortunately, the rules that govern the affordable housing program require us to assume that all income sources will continue at the current rate over the next 12 months. We understand that is not necessarily the case (particularly when considering factors such as overtime, commission, or a seasonal rush). But we have to follow the program requirements.
The rules for the affordable housing program do not allow us to consider a decrease in your income unless, we have documentation showing that your income has already changed (such as your multiple consecutive recent pay stubs that show a decrease in your hours AND a note from your employer verifying that the new hours/pay-rate/standards). Again, future decreases in income cannot be considered (as otherwise households could just easily claim that they would be working less in order to circumvent the income limits).
Kind regards,

• I am about to start a new job, and I don’t have five pay stubs. What can I send?
Hi John Doe,
If you don’t have five consecutive pay stubs from you new job, please provide your employment letter or offer letter from the mentioned new job, and keep in mind that it must specify:
1.) current gross income per pay period
2.) frequency of pay periods
3.) any additional pay, i.e. bonus, overtime, shift differential, commission, etc.
4.) any anticipated changes over the next 12 months.
5.) Letter must be signed and dated by authorized company official
Please note, that this is just a preliminary answer to your questions, as upon review, our compliance team will determine if we require more documentation from you, for your application to be complete.
Kind regards,

• I sent you my payment histories. Why do you keep asking for my pay stubs?
Hi John Doe,