§ 654-d. Residential mortgage insurance corporation. 1. Definitions.\nAs used in this section, the following words and terms shall have the\nfollowing meanings unless the context shall indicate another or\ndifferent meaning or intent:\n (a) "Cash equivalent". A letter of credit, insurance policy, surety,\nguarantee, indemnity or other security arrangement.\n (b) "Financial institution". (i) Any bank, trust company, national\nbank, state or federal savings bank, state or federal savings and loan\nassociation, or state or federal credit union, insurance company,\npension fund or retirement system of any corporation, association, any\nother entity which is owned or controlled by any one or more of the\nabove, provided such bank, trust company, national bank, state or\nfederal savings bank, state or federal savings and loan association, or\nstate or federal credit union, insurance company, pension fund or\nretirement system of any corporation or association, and, if an entity\nwhich is owned by one or more of the above, such entity, is supervised\nby or responsible to any agency of the federal government, the state,\nany department thereof or the governing body of any city, town or\nvillage of the state, or (ii) any other entity approved by the\nsubsidiary corporation, or (iii) any one or more of the above when\nlawfully acting as a trustee or otherwise in a fiduciary capacity. The\nterm "financial institution" shall also include the New York state\nhousing finance agency, the New York state medical care facilities\nfinance agency, the state of New York mortgage agency, the New York\nstate urban development corporation, the corporation, the New York city\ndepartment of housing preservation and development, the community\npreservation corporation, any governmental agency of the United States\nwhich customarily makes, purchases or holds residential mortgages and\nany person who is approved as a mortgage lender by the federal housing\nadministration for purposes of insurance issued by such administration\nor licensed by the state of New York as a mortgage banker.\n (c) "Housing accommodation". Any existing building, structure, unit\nthereof (including an owner-occupied unit in a condominium and a\nlessee-occupied dwelling unit in which the lessee retains a proprietary\nlease with respect to such dwelling unit and has an allocable ownership\ninterest in a cooperative housing corporation) or unimproved real\nproperty, which is used or occupied, or is intended to be used or\noccupied as the home or residence of one or more persons, a portion of\nwhich may also be used for commercial and other community facilities\nancillary to such residence provided that, in the case of any housing\naccommodation consisting of more than six dwelling units, the floor area\nof above-ground commercial facilities shall not exceed one-quarter of\nthe above-ground floor area of such housing accommodation (inclusive of\nsuch commercial facilities).\n (d) "Housing insurance contracts". All contracts entered into by the\nsubsidiary corporation to insure mortgages pursuant to this section, but\nnot including (i) any contracts to insure mortgages entered into by the\npredecessor corporation which are imposed upon and assumed by the\nsubsidiary corporation pursuant to paragraph (d) of subdivision two of\nthis section, or (ii) any contracts to insure mortgages entered into by\nthe subsidiary corporation with respect to which a commitment to insure\nwas issued by the predecessor corporation.\n (e) "Housing insurance fund". The housing insurance fund as\nestablished pursuant to subdivision twelve of this section.\n (f) "Housing insurance fund requirement". As of any particular date of\ncomputation, an amount equal to the aggregate of (i) one hundred per\ncentum of the insured amounts due and payable by the subsidiary\ncorporation pursuant to housing insurance contracts, plus (ii) twenty\nper centum of the insured amounts under housing insurance contracts\nother
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