The Mortgage Insurance Fund (MIF), is a division of the State of New York Mortgage Agency (SONYMA) that promotes the preservation and revitalization of neighborhoods throughout the State of New York by insuring mortgage loans and thereby encouraging the investment of mortgage capital by commercial and public lenders.
MIF provides primary mortgage insurance when the property which is the security for the loan (a) is in an area suffering from disinvestment; (b) is located within a designated economic development zone; (c) will result in the production of affordable housing; (d) will be financed by a public lender and meets that lender's criteria; or (e) will provide a retail or community service facility that would not otherwise be provided. In addition, in 1989, the MIF was authorized to write pool insurance on pools of (a) single family loans financed by SONYMA's Single Family Division; (b) loans made by certain domestic not-for-profit corporations; or (c) loans made by a financial institution to a cooperative housing corporation where refinancing is not otherwise available and will facilitate or accommodate affordable home ownership opportunities. In addition, the MIF was recently authorized to enter into agreements to provide credit support for bonds and ancillary bond facilities issued by the Convention Center Development Corporation, which operates the Javits Convention Center. The first bond sale under this program, in the amount of $700 million, closed in November 2005.
MIF, as a division of SONYMA, is governed by SONYMA's Board of Directors.