theColumbiaHousingAssistanceProgram
[June25,2010]
Formanyyears,ColumbiahasservedthehousingneedsofitsfacultybyprovidingUniversity-ownedapartmentsforlease.TheUniversitywillcontinuetodosoandtoexpandourstockofapartmentswhenpossible.Toprovidefacultywithotherhousingoptions,theUniversityisextendinguntilJune30,2013,thehousingprogramthatwascreatedtohelpprofessorial-rankfacultyontheMorningsideCampuspurchasehomesintheNewYorkmetropolitanarea.[CUMCfacultyarecoveredbyaseparateprogramdevelopedspecificallyforthatcampus;forinformationonthatprogram,theyshouldcontacttheirdepartmentchair.]Thisprogramcanalsobeusedonatemporaryorlong-termbasisforrenting.Thefeaturesoftheprogramaredescribedinthisdocument.
Whatisthepurposeoftheprogram?
FacultyshouldhavetheopportunitytoinvestintheprivatehousingmarketasanalternativetolivinginColumbia-ownedhousing.Thiscouldhavesignificantshort-termandlong-termfinancialadvantagesforindividualsandtheirfamilies.ItisalsohopedthattheprogramwillreducedemandforUniversityhousingandtherebyincreaseavailabilityforfacultyforwhompurchasingisnotanattractivealternative. Whoiseligible?
ProfessorialrankfacultywhoareeligibleforUniversityhousingarealsoeligibleforthehousingassistanceprogram.Eligibility,however,isnotanentitlement,justasiscurrentlythecaseforUniversityapartments.Deanswillcontinuetodecidewhomtomendfortheprogram,andthesameprioritiesthatdetermineesstoUniversityapartmentswillalsoshapeesstothehousingassistanceprogram.Forexample,facultywhoalreadyliveoutsidetheColumbiasystemhavealowpriorityforesstoUniversityhousing,andtheywillhavealowpriorityaswellforthehousingassistanceprogram.FacultyparticipatingintheprogrammaynotupyaColumbiaapartmentatthesametime.FamiliesthatincludemorethanonefacultymembereligibleforUniversityhousingaretreatedasasingleunitforthepurposesofthisprogram,andthebenefitsundertheprogramwillbedeterminedbythefacultymemberwiththehigherfacultyrank.Facultyhaveuptotwoyearsfromthedateofbeingnotifiedinwritingbytheirdeansofhavingbeeneptedintotheprogramtobeginreceivingthepayments;newfacultyhaveuptotwoyearsfromthedateoftheirinitialappointmentatColumbia.Withtheapprovalofthedean,facultymayreceiveanextensionofuptoathirdyear.mitmentwillexpireifnotexercisedbythatpoint. Thereareseveraloptionsunderwhichahousing-eligiblefacultymembercanbeconsideredforparticipationintheprogram. 1)Allnewly-recruited,housing-eligiblefacultywhomdeanswouldotherwisemendforassignmentofanapartmentwithintheColumbiahousingstockmustalsobeofferedtheopportunitytoparticipateinthehousingassistanceprogram.
1 2)DeansmayalsomendforparticipationintheprogramfacultylivinginUniversityhousingwhomtheschoolsseektoretaininthefaceofoutsideoffers. 3)OtherfacultyareeligibletoparticipateintheprogramiftheyarecurrentlyresidinginoneofColumbia’slargerapartments(twobedroomsplusamaid’sbedroomorlarger).Deansmayrequestawaiverfromtheapartmentsizecriterionininstanceswhentodosowouldservetheparticulareconomicinterestsoracademicneedsoftheschool.Insuchcases,deansmay,attheirdiscretion,requestthattheannualhousingsupplementbesetatalowerratetoreflectsizedifferentialsamongapartments. 4)DeansmayalsorequestawaiverfromtheapartmentsizecriterionforindividualsresidinginapartmentsthatColumbiaUniversityFacilitieshasrentedontheprivatemarket. TheprogramisavailableonlytosupportthepurchaseorrentalofaprimaryresidenceintheNewYorkmetropolitanarea.FacultywholeaveColumbiahousingasparticipantsintheprogramarenoteligibletoreturntoUniversityhousing. WhatassistanceistheUniversityprovidingunderthisprogram?
TheUniversityandtheschoolsareprovidingtwokindsofassistancetofacultyparticipatingintheprogram:(1)anannualhousingsupplementand(2)helpintheinitialpurchaseofahome.
(1)Theschoolswillpayanannualhousingsupplementtoeachparticipatingfacultymember.Thesupplementwillbe$40,000ayearforeligibletenuredfacultymembersand$22,000ayearforeligiblenon-tenuredfacultymembers.Participatingnon-tenuredfacultymemberswhoarelaterpromotedtotenurewillseetheirhousingsupplementautomaticallyrisetotheleveloftenuredfacultyparticipantsasoftheeffectivedateoftenure.Non-tenuredfacultywhoenteredtheprogramunderoneofthewaiversdescribedaboveandwhoaresubsequentlypromotedtotenurewillreceivealowerincreaseintheannualhousingsupplementreflectiveoftheinitialdifferential.Thesepaymentswillbeginwiththefirstregularpayrollcheckforanewly-appointedfacultymemberorwiththepaycheckonthe15thdayofthemonthfollowingthemonthinwhichtheindividualhasvacatedtheColumbiaapartmentinthecaseofacurrentfacultymember.Paymentswillcontinueuntiltheappointmentoftheparticipatingfacultymemberends,withtheexceptionofthosewhoretire,inwhichcasethepaymentswillcontinueforandadditionalthreeyears.Survivingspouseswillreceivepaymentsforthreeyearsafterthedeathofanactivefacultymember.Survivingspousesofaretiredfacultymemberwillreceivetheremainderofthethree-year,mitment. Thehousingsupplementwillbetaxablee(although,ifusedtopaymortgageinterest,muchofitmaybedeductible).ThehousingsupplementwillnotbeconsideredinthecalculationofUniversitypensioncontributionsorotherbenefits.
(2)Althoughfacultymayuseanybankorothermortgagelender,ColumbiahasestablishedwithmercialproviderswhoareustomedtotheUniversity’shousingassistanceprogramandmaybeabletoprovideahigherlevelofcustomersupporttofaculty..Allloanswillbelongtothefacultymemberandwillfollowthefacultymember(orhisorher
2 heirs)regardlessofanychangeinUniversitystatus(e.g.,resignation,retirement,ordeath).
(3)TheUniversityandtheschoolswillprovideeachparticipantinthemortgageprogram withaone-timesupplementof$40,000paidaspensationtoassistwiththepurchase.Thispaymentmaybeusedforsuchthingsaspaymenttoreducetheinterestrateforthelifeoftheloanbeyondthefavorableratereferredtoabove;adownpaymentonthepurchaseprice;paymentofclosingfees,mortgagerecordingtaxes,transferandtitlefees,“mansion”tax,legalfees,etc. Theone-timesupplement,liketheongoinghousingsupplementdescribedabove,willbetaxableeandwillnotbeconsideredinthecalculationofUniversitypensioncontributionsorotherbenefits. WhatassistanceisavailableforotherscurrentlyresidinginColumbiahousingwhomightwishtomove?
TheUniversitywillreimburseupto$3,000inmovingcostswhenacurrentemployeeonacontinuingappointmentwhoisnotaparticipantinthehousingmortgageassistanceprogramdecidestomoveoutofaUniversityapartment.AsimilarbenefitisavailabletoretireescurrentlyresidinginColumbiahousingwhodecidetomove,butitisnotavailabletothosewhomustleaveUniversityhousingbecausetheirappointmentshaveendedforanyreasons.ThosewishingtotakeadvantageofthisassistancewillworkwiththeOfficeoftheProvosttoprovidedocumentationofthemovingcostsandevidenceofhavingvacatedtheColumbiaapartmentinordertoreceivethissupport. Attachment1:Procedures
3 Attachment1:Procedures [June25,2010] ExtendingtheColumbiaHousingAssistanceProgram Whileindividualcircumstancesmayvary,thefollowingnotesshouldcovermosttransactions. RECURRINGANNUALSUPPLEMENT DocumentationRequired:Newfacultymembersneednotprovideanydocumentation.ForthosefacultymembersmovingoutofaUniversityapartment,evidenceofhavingvacatedtheapartmentwillberequired. TimingofPayment:Paymentswillbeginwiththefirstregularpayrollcheckforanewlyappointedfacultymember.Forcurrentfacultymembers,therecurringsupplementwillfirstappearinthesemi-monthlypaycheckonthe15thdayofthemonthfollowingthemonthinwhichtheindividualhasvacatedtheUniversityapartment. MethodofPayment:Therecurringsupplementwillbepaidthroughpayrollandaddedtothesemi-monthlypaycheckaspensation. TaxWithholding:Theamountoftaxeswithheldfromthepaycheckwillbecalculatedonthebasisofbinedtotale,includingbasesalaryandthehousingsupplementdescribedinthispolicy.ItwillalsodependuponthetaxfilingstatusandnumberofexemptionsclaimedontheW-4formfiledbythefacultymember.FacultymembersmaywanttoupdatetheW-4formtoreflectmortgageinterestandothertaxdeductionsthatoftenresultfromhomeownership.Thepayrollofficewillnotmakethesecalculations;facultymembersshouldconsultataxadvisororoneoftheW-4“withholdingcalculators”availableontheweb,suchastheonemaintainedbytheInternalRevenueService: http://www.irs.gov/individuals/article/0,,id=96196,00.html LUMP-SUM$40,000SUPPLEMENT DocumentationRequired:Allrecipients,regardlessofwhethertheyarecurrentofficersoftheUniversityornewly-hired,mustprovideacopyofasignedrealestatepurchasecontract.Inaddition,newly-hiredofficersmustsubmitacopyofthesignedofferletterindicatingtheireptanceoftheColumbiaappointment. TimingofPayment:Newly-hiredofficersmayreceivethesupplementevenbeforetheirappointmentsbeginbysubmittingtotheOfficeoftheProvost(ortheOfficeoftheExecutiveVicePresidentiftheindividualisafacultymemberintheArtsandSciences)thedocumentationdescribedabove.Forcurrentfacultymembers,itwillbeincludedinthenextpossiblesemimonthlypaycheckaftertheyhaveprovidedtheOfficeoftheProvostwithasignedrealestatepurchasecontract.
4 MethodofPayment:Thelump-sumsupplementispaiddirectlytothefacultymemberaspensation.Ifapaymenttoanewfacultymemberisneededbeforetheappointmentstartdate,itwillbepaidasaseparatecheck.TaxWithholding:TheUniversityisrequiredbylawtoimmediatelywithholdFederal,State,City,FICAandMedicaretaxesatthemandated“lumpsum”rates.Therefore,unlessthecalendaryear-to-datesalaryhasalreadyexceededthemaximumwagebaseforFICAwithholding,proceedsofthe$40,000paymentisestimatedtobeapproximately$21,000.
5
FacultyshouldhavetheopportunitytoinvestintheprivatehousingmarketasanalternativetolivinginColumbia-ownedhousing.Thiscouldhavesignificantshort-termandlong-termfinancialadvantagesforindividualsandtheirfamilies.ItisalsohopedthattheprogramwillreducedemandforUniversityhousingandtherebyincreaseavailabilityforfacultyforwhompurchasingisnotanattractivealternative. Whoiseligible?
ProfessorialrankfacultywhoareeligibleforUniversityhousingarealsoeligibleforthehousingassistanceprogram.Eligibility,however,isnotanentitlement,justasiscurrentlythecaseforUniversityapartments.Deanswillcontinuetodecidewhomtomendfortheprogram,andthesameprioritiesthatdetermineesstoUniversityapartmentswillalsoshapeesstothehousingassistanceprogram.Forexample,facultywhoalreadyliveoutsidetheColumbiasystemhavealowpriorityforesstoUniversityhousing,andtheywillhavealowpriorityaswellforthehousingassistanceprogram.FacultyparticipatingintheprogrammaynotupyaColumbiaapartmentatthesametime.FamiliesthatincludemorethanonefacultymembereligibleforUniversityhousingaretreatedasasingleunitforthepurposesofthisprogram,andthebenefitsundertheprogramwillbedeterminedbythefacultymemberwiththehigherfacultyrank.Facultyhaveuptotwoyearsfromthedateofbeingnotifiedinwritingbytheirdeansofhavingbeeneptedintotheprogramtobeginreceivingthepayments;newfacultyhaveuptotwoyearsfromthedateoftheirinitialappointmentatColumbia.Withtheapprovalofthedean,facultymayreceiveanextensionofuptoathirdyear.mitmentwillexpireifnotexercisedbythatpoint. Thereareseveraloptionsunderwhichahousing-eligiblefacultymembercanbeconsideredforparticipationintheprogram. 1)Allnewly-recruited,housing-eligiblefacultywhomdeanswouldotherwisemendforassignmentofanapartmentwithintheColumbiahousingstockmustalsobeofferedtheopportunitytoparticipateinthehousingassistanceprogram.
1 2)DeansmayalsomendforparticipationintheprogramfacultylivinginUniversityhousingwhomtheschoolsseektoretaininthefaceofoutsideoffers. 3)OtherfacultyareeligibletoparticipateintheprogramiftheyarecurrentlyresidinginoneofColumbia’slargerapartments(twobedroomsplusamaid’sbedroomorlarger).Deansmayrequestawaiverfromtheapartmentsizecriterionininstanceswhentodosowouldservetheparticulareconomicinterestsoracademicneedsoftheschool.Insuchcases,deansmay,attheirdiscretion,requestthattheannualhousingsupplementbesetatalowerratetoreflectsizedifferentialsamongapartments. 4)DeansmayalsorequestawaiverfromtheapartmentsizecriterionforindividualsresidinginapartmentsthatColumbiaUniversityFacilitieshasrentedontheprivatemarket. TheprogramisavailableonlytosupportthepurchaseorrentalofaprimaryresidenceintheNewYorkmetropolitanarea.FacultywholeaveColumbiahousingasparticipantsintheprogramarenoteligibletoreturntoUniversityhousing. WhatassistanceistheUniversityprovidingunderthisprogram?
TheUniversityandtheschoolsareprovidingtwokindsofassistancetofacultyparticipatingintheprogram:(1)anannualhousingsupplementand(2)helpintheinitialpurchaseofahome.
(1)Theschoolswillpayanannualhousingsupplementtoeachparticipatingfacultymember.Thesupplementwillbe$40,000ayearforeligibletenuredfacultymembersand$22,000ayearforeligiblenon-tenuredfacultymembers.Participatingnon-tenuredfacultymemberswhoarelaterpromotedtotenurewillseetheirhousingsupplementautomaticallyrisetotheleveloftenuredfacultyparticipantsasoftheeffectivedateoftenure.Non-tenuredfacultywhoenteredtheprogramunderoneofthewaiversdescribedaboveandwhoaresubsequentlypromotedtotenurewillreceivealowerincreaseintheannualhousingsupplementreflectiveoftheinitialdifferential.Thesepaymentswillbeginwiththefirstregularpayrollcheckforanewly-appointedfacultymemberorwiththepaycheckonthe15thdayofthemonthfollowingthemonthinwhichtheindividualhasvacatedtheColumbiaapartmentinthecaseofacurrentfacultymember.Paymentswillcontinueuntiltheappointmentoftheparticipatingfacultymemberends,withtheexceptionofthosewhoretire,inwhichcasethepaymentswillcontinueforandadditionalthreeyears.Survivingspouseswillreceivepaymentsforthreeyearsafterthedeathofanactivefacultymember.Survivingspousesofaretiredfacultymemberwillreceivetheremainderofthethree-year,mitment. Thehousingsupplementwillbetaxablee(although,ifusedtopaymortgageinterest,muchofitmaybedeductible).ThehousingsupplementwillnotbeconsideredinthecalculationofUniversitypensioncontributionsorotherbenefits.
(2)Althoughfacultymayuseanybankorothermortgagelender,ColumbiahasestablishedwithmercialproviderswhoareustomedtotheUniversity’shousingassistanceprogramandmaybeabletoprovideahigherlevelofcustomersupporttofaculty..Allloanswillbelongtothefacultymemberandwillfollowthefacultymember(orhisorher
2 heirs)regardlessofanychangeinUniversitystatus(e.g.,resignation,retirement,ordeath).
(3)TheUniversityandtheschoolswillprovideeachparticipantinthemortgageprogram withaone-timesupplementof$40,000paidaspensationtoassistwiththepurchase.Thispaymentmaybeusedforsuchthingsaspaymenttoreducetheinterestrateforthelifeoftheloanbeyondthefavorableratereferredtoabove;adownpaymentonthepurchaseprice;paymentofclosingfees,mortgagerecordingtaxes,transferandtitlefees,“mansion”tax,legalfees,etc. Theone-timesupplement,liketheongoinghousingsupplementdescribedabove,willbetaxableeandwillnotbeconsideredinthecalculationofUniversitypensioncontributionsorotherbenefits. WhatassistanceisavailableforotherscurrentlyresidinginColumbiahousingwhomightwishtomove?
TheUniversitywillreimburseupto$3,000inmovingcostswhenacurrentemployeeonacontinuingappointmentwhoisnotaparticipantinthehousingmortgageassistanceprogramdecidestomoveoutofaUniversityapartment.AsimilarbenefitisavailabletoretireescurrentlyresidinginColumbiahousingwhodecidetomove,butitisnotavailabletothosewhomustleaveUniversityhousingbecausetheirappointmentshaveendedforanyreasons.ThosewishingtotakeadvantageofthisassistancewillworkwiththeOfficeoftheProvosttoprovidedocumentationofthemovingcostsandevidenceofhavingvacatedtheColumbiaapartmentinordertoreceivethissupport. Attachment1:Procedures
3 Attachment1:Procedures [June25,2010] ExtendingtheColumbiaHousingAssistanceProgram Whileindividualcircumstancesmayvary,thefollowingnotesshouldcovermosttransactions. RECURRINGANNUALSUPPLEMENT DocumentationRequired:Newfacultymembersneednotprovideanydocumentation.ForthosefacultymembersmovingoutofaUniversityapartment,evidenceofhavingvacatedtheapartmentwillberequired. TimingofPayment:Paymentswillbeginwiththefirstregularpayrollcheckforanewlyappointedfacultymember.Forcurrentfacultymembers,therecurringsupplementwillfirstappearinthesemi-monthlypaycheckonthe15thdayofthemonthfollowingthemonthinwhichtheindividualhasvacatedtheUniversityapartment. MethodofPayment:Therecurringsupplementwillbepaidthroughpayrollandaddedtothesemi-monthlypaycheckaspensation. TaxWithholding:Theamountoftaxeswithheldfromthepaycheckwillbecalculatedonthebasisofbinedtotale,includingbasesalaryandthehousingsupplementdescribedinthispolicy.ItwillalsodependuponthetaxfilingstatusandnumberofexemptionsclaimedontheW-4formfiledbythefacultymember.FacultymembersmaywanttoupdatetheW-4formtoreflectmortgageinterestandothertaxdeductionsthatoftenresultfromhomeownership.Thepayrollofficewillnotmakethesecalculations;facultymembersshouldconsultataxadvisororoneoftheW-4“withholdingcalculators”availableontheweb,suchastheonemaintainedbytheInternalRevenueService: http://www.irs.gov/individuals/article/0,,id=96196,00.html LUMP-SUM$40,000SUPPLEMENT DocumentationRequired:Allrecipients,regardlessofwhethertheyarecurrentofficersoftheUniversityornewly-hired,mustprovideacopyofasignedrealestatepurchasecontract.Inaddition,newly-hiredofficersmustsubmitacopyofthesignedofferletterindicatingtheireptanceoftheColumbiaappointment. TimingofPayment:Newly-hiredofficersmayreceivethesupplementevenbeforetheirappointmentsbeginbysubmittingtotheOfficeoftheProvost(ortheOfficeoftheExecutiveVicePresidentiftheindividualisafacultymemberintheArtsandSciences)thedocumentationdescribedabove.Forcurrentfacultymembers,itwillbeincludedinthenextpossiblesemimonthlypaycheckaftertheyhaveprovidedtheOfficeoftheProvostwithasignedrealestatepurchasecontract.
4 MethodofPayment:Thelump-sumsupplementispaiddirectlytothefacultymemberaspensation.Ifapaymenttoanewfacultymemberisneededbeforetheappointmentstartdate,itwillbepaidasaseparatecheck.TaxWithholding:TheUniversityisrequiredbylawtoimmediatelywithholdFederal,State,City,FICAandMedicaretaxesatthemandated“lumpsum”rates.Therefore,unlessthecalendaryear-to-datesalaryhasalreadyexceededthemaximumwagebaseforFICAwithholding,proceedsofthe$40,000paymentisestimatedtobeapproximately$21,000.
5
声明：
该资讯来自于互联网网友发布，如有侵犯您的权益请联系我们。