PUBLIC LAW 105-285—OCT. 27, 1998 112 STAT. 2761 or foreclosure on the mortgage for the principal residence of the individual, as defined in paragraph (8)(B); or (iii) payments necessary to enable the individual to meet necessary living expenses following loss of employment. (4) HOUSEHOLD. — The term "household" means all individuals who share use of a dwelling unit as primary qusirters for living and eating separate from other individuals. (5) INDIVIDUAL DEVELOPMENT ACCOUNT. — (A) IN GENERAL.—The term "individual development account" means a trust created or organized in the United States exclusively for the purpose of paying the qualified expenses of an eligible individual, or enabling the eligible individual to make an emergency withdrawal, but only if the written governing instrument creating the trust contains the following requirements: (i) No contribution will be accepted unless the contribution is in cash or by check. (ii) The trustee is a federally insured financial institution, or a State insured financial institution if no federally insured financial institution is available. (iii) The assets of the trust will be invested in accordance with the direction of the eligible individual after consultation with the qualified entity providing deposits for the individual under section 410. (iv) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (v) Except as provided in clause (vi), any amount in the trust that is attributable to a deposit provided under section 410 may be paid or distributed out of the trust only for the purpose of paying the qualified expenses of the eligible individual, or enabling the eligible individual to make an emergency withdrawal. (vi) Any balance in the trust on the day after the date on which the individual for whose benefit the trust is established dies shall be distributed within 30 days of that date as directed by that individual to another individual development account established for the benefit of 8m eligible individual. (B) CUSTODL\L ACCOUNTS.—For purposes of subparagraph (A), a custodial account shall be treated as a trust if the assets of the custodial account are held by a bank (as defined in section 408(n) of the Internal Revenue Code of 1986) or another person who demonstrates, to the satisfaction of the Secretary, that the manner in which such person will administer the custodial account will be consistent with the requirements of this title, and if the custodial account would, except for the fact that it is not a trust, constitute an individual development account described in subparagraph (A). For purposes of this title, in the case of a custodial account treated as a trust by reason of the preceding sentence, the custodian of that custodial account shall be treated as the trustee of the account. (6) PROJECT YEAR.— The term "project year" means, with respect to a demonstration project, any of the 5 consecutive
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