Human Resources

Second Mortgage Plan

For full-time regular trustee-appointed employees, Amherst College will make available a second mortgage for a primary residence equal to 20% of the purchase price or $30,000, whichever is less, at 6% interest for up to 20 years. In accordance with the Internal Revenue Code, whenever the interest rate is less than the "applicable Federal rate", the difference in interest is deemed to be taxable as ordinary income and is added as imputed income for tax purposes although no tax is actually withheld.