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Old 06-08-2016, 09:33 AM
 
22 posts, read 63,742 times
Reputation: 18

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Their formula is pretty simple: they average the 5 consecutive weekly paystubs provided (which includes the most recent ones). (x1+x2+x3+x4+x5)/5 x52. The same formula applies to each company you work for, and if more than one, they will add up the final number and this is how they average your annual gross . I know it's not fair for these who have a income that changes from month to month (me included) , but the formula still applies. It is what it is.
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Old 06-08-2016, 03:10 PM
 
22 posts, read 63,742 times
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@Pancheto: Can you please let us know how you got notified about the interview? By mail or you got a call? So how far was the interview scheduled from the date you got the news of it? Best of luck!
Quote:
Originally Posted by Pancheto View Post
After all the documents back and forth, I have an in person interview scheduled for the last week in June. I have to bring in all additional pay stubs and taxes for previous year and they'll do a credit check. It seems like this bldg does a pre screen before inviting for interview. I must say all the representatives have been very professional, answering e mails, returning phone calls, etc
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Old 06-08-2016, 05:44 PM
 
99 posts, read 118,195 times
Reputation: 33
Default Thank You, weddy00

Quote:
Originally Posted by weddy00 View Post
Their formula is pretty simple: they average the 5 consecutive weekly paystubs provided (which includes the most recent ones). (x1+x2+x3+x4+x5)/5 x52. The same formula applies to each company you work for, and if more than one, they will add up the final number and this is how they average your annual gross . I know it's not fair for these who have a income that changes from month to month (me included) , but the formula still applies. It is what it is.
Nice. Here's what I based my calculations off: NYC HDC's Marketing Guidlines March 2012 [page 33]. According to section A(2) "Income Eligibility" :

"The most recent consecutive pay stubs (minimum of 6). Income must be calculated by both (a) averaging the pay stubs and (b) projecting the year-to-date. The higher of these two amounts will be 'the pay stub income.' "

Source:
https://www1.nyc.gov/assets/hpd/down...guidelines.pdf

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I also took into consideration HUD's definition of an asset: "Items of value that may be turned into cash." Except for necessary property, such as clothing and furniture. Any asset over $5,000 (i.e., 5001 x *.02)

Tax Credit Housing - What types of income are included in household income? (incldued in income)
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This one is also extremely important I think. It helps remove the congestion when conducting the algorithm, because I know sometimes people earn money online sporadically:

"Any income or gifts you receive that are temporary, nonrecurring, or sporadic."

Tax Credit Housing - What types of income are excluded from household income? (excluded from income)

Let's hope for the best.
---
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Old 06-09-2016, 10:35 AM
 
99 posts, read 118,195 times
Reputation: 33
Quote:
Originally Posted by weddy00 View Post
@Pancheto: Can you please let us know how you got notified about the interview? By mail or you got a call? So how far was the interview scheduled from the date you got the news of it? Best of luck!
I'm also sorry to hear that it isn't fair. I was looking around for some success stories based on those over the max. income limit. I did some scouting and discovered a success story with an income of over $200.

Also, the majority of my family on my mother's side are entirely self-employed, so I know how you feel about the fluctuation of the formula's end result. it isn't easy. My mother came to this country decades ago in hopes of the American Dream just like anyone else that had no connections over here. Her mother was an entrepreneur that sold vegetables at the city's marketplace in a different country. Her mother's ideals essentially disseminated amongst all of her children. That entrepreneurial spirit still lives on in my immediate family.

Being self-employed shouldn't be punished, since creativity is vital. All we can do now is wait. I'm also curious about how we're going to be notified of the actual interview.
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Old 06-09-2016, 07:12 PM
 
36 posts, read 101,422 times
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I was informed of the interview by phone call. It was scheduled about 2 weeks from the call. Applicants are allowed to reschedule if necessary.
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Old 06-10-2016, 10:12 PM
 
22 posts, read 63,742 times
Reputation: 18
Thank you and good luck! I'm rooting for you.
Quote:
Originally Posted by Pancheto View Post
I was informed of the interview by phone call. It was scheduled about 2 weeks from the call. Applicants are allowed to reschedule if necessary.
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Old 06-11-2016, 12:25 PM
 
5 posts, read 13,007 times
Reputation: 10
Right on, waternintendo. That is all accurate as far as I know. Still waiting on my interview...
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Old 06-14-2016, 09:05 AM
 
12 posts, read 19,867 times
Reputation: 11
Hi all,

My girlfriend's family also received a letter replied by the office at the beginning of May. She has submitted requested information and the officer said she would receive a letter again if every document is fine. Can anyone tell the process and timing? Any more document needed to be ready for the interview? Thanks!
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Old 06-14-2016, 02:38 PM
 
99 posts, read 118,195 times
Reputation: 33
Quote:
Originally Posted by hchen42 View Post
Hi all,

My girlfriend's family also received a letter replied by the office at the beginning of May. She has submitted requested information and the officer said she would receive a letter again if every document is fine. Can anyone tell the process and timing? Any more document needed to be ready for the interview? Thanks!
Welcome our new friend, Mr. hchen42!

Some of us, including myself have received log#'s in early May, but we have yet to receive an actual in-person interview date. I think it's all cool because nobody is in a rejected letter state so far.

My younger sibling also told me that he just remembered entering us into another affordable lottery for a different building, but he completely forgot to tell my mom or me until now. He noticed his mistake and prefers the VIA after I showed him the photos of the Exterior/ Amenities/ Environmental purpose. We are only looking forward to the VIA at this point. We didn't get any letter for any other building anyway, and we'll ignore any other apartment to give a different family an ample opportunity for other buildings, since our VIA application is still being processed.

This week is also Electronic Expo E3 week June 14-16 (video gaming), so anyone and their children will have something to do while we wait for our VIA responses: http://www.e3expo.com / https://www.youtube.com/user/E3

I personally look forward into moving into the VIA ^^
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Old 06-22-2016, 08:14 AM
 
12 posts, read 19,867 times
Reputation: 11
Anyone has the interview yet?
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