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COMMUNITYDEVELOPMENTBANKING-L digest 60
Does anyone on this list have information on employer assisted home
ownership programs that are linked with Individual Development Accounts. We
have a substantial IDA program and would like to create more employer
involvement by way of matching participant savings. It is our understanding
that it cannot bedone in any way that is interpretable as income to the
employee or compensation paid by the employer because of the tax
obligations that would create.(taxable to employee, UI to employer, etc.)
had thought of the possibility of the employer contributing to a pool that
is designated for its employees but not designated specifically to
individuals. Then the employees work with us to set up their IDA accounts
as usual and make their contributions as usual. We pull the match funds
from their employer's pool (as well as from our other funds).
Would appreciate advice from anyone with experience or references in this
kind of arrangement.
Thanks in advance.
Tulane-Xavier National Center
for the Urban Community
102 Central Building
New Orleans, LA 70118
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