REMIC is a subsidiary corporation of the New York City Housing Development Corporation and a public benefit corporation of the State of New York, established in 1993 under Section 654-d of the Private Housing Finance Law.
REMIC encourages the investment of private mortgage capital in the acquisition, preservation, rehabilitation and construction of New York City's housing stock. Its primary responsibility is to insure mortgage loans that are made by the lending institutions on the residential properties located throughout the City of New York. REMIC is composed of the seven members of the New York City Housing Development Corporation and two additional public members appointed by the Mayor who continue to serve until a successor has been appointed.