On June 25, 2014, Florida Housing Finance Corporation (FHFC) posted on their web board that effective immediately, Florida properties can begin utilizing pay stubs as a primary third-party Verification of Income. In the past, this has been recognized as a resort to take after failed attempts to collect third-party verification created by Florida Housing, the applicable state agency, or the Management Company. Now, HUD and FHFC are saying that pay stubs can be considered on par with documents previously considered third-party. Additionally, the 4350.3 REV-1, Change 4 revised the pay stub quantity to be the most recent four-six pay stubs and FHFC has adopted that revision as well. Management does reserve the right to request additional pay stubs if they deem this necessary to qualify a household.
Also, there has been some clarification regarding HOME guidance. Once a household exceeds the 50% limit, they must be changed to a HIGH household and the next available unit of comparable or smaller size is to be leased to a 50% (LOW) household.
Once a household exceeds the 80% limit, their rent MUST be adjusted to 30% of their adjusted gross income, unless they are combined with HC. Management does not have a choice.