HDC is committed to fulfilling its mission of increasing the supply of affordable housing, as well as aiding the preservation of existing affordable housing, within the boroughs of New York City. In the course of HDC's more than 40-year existence, several subsidiaries have been created to assist the Corporation in achieving its mission:
New York City Residential Mortgage Insurance Corporation (REMIC)
The New York City Residential Mortgage Insurance Corporation (REMIC) is a public benefit corporation created to promote the production and rehabilitation of affordable housing in New York City through the issuance of mortgage insurance. REMIC plays an integral role in New York City’s efforts to stabilize and revitalize the City’s diverse neighborhoods.
Since becoming a subsidiary of HDC in 1993, REMIC has become a formidable presence in the mortgage insurance business by significantly increasing the volume of its underwriting while maintaining adherence to strict underwriting standards. In its 40 plus years of existence, the REMIC insured portfolio has performed well, having paid only 12 claims for insured loans totaling less than $600,000.
As of December 2015, REMIC had an “AA” rating from Standard & Poor’s.
REMIC By-Laws, Annual Reports and Board Members
Housing Assistance Corporation (HAC)
The Housing Assistance Corporation is a public benefit corporation established pursuant to Section 654-b of the Act as a subsidiary of the Corporation.
HAC is empowered to receive monies from any source, including, but not limited to, the Corporation, the City or the State, for the purpose of assisting rental developments to maintain rentals affordable to low and moderate-income persons for whom the ordinary operation of private enterprise cannot supply safe, sanitary and affordable housing accommodations. In order to accomplish this objective, HAC may transfer, lend, pledge or assign these monies to any rental development or assist the Corporation in financing such developments. As a subsidiary of HDC, HAC’s functions are administered by the Corporation and its Board Members substantially overlap with HDC’s Board Members, so it is reported as a discretely presented component unit in HDC’s financial statements.
Housing New York Corporation (HNYC)
The Housing New York Corporation is a public benefit corporation established pursuant to Section 654-c of the Act as a subsidiary of the Corporation. Authorization for the funding of the Housing New York Program ended on July 1, 1995. Consequently, HNYC can no longer issue bonds or notes to fund the Housing New York Program.
Upon repayment of all of the outstanding HNYC bonds on November 3, 2003, HNYC became an inactive subsidiary of the Corporation and its remaining funds were transferred out of HNYC. However, HNYC is not expected to be dissolved.
NYCHDC Real Estate Corp.
In September of 2004, this subsidiary was created to assist HUD and HPD in preserving distressed housing in HUD's foreclosure portfolio.