Section 2428-A. Development corporation credit support account as source of development corporation credit support

1.  The  agency  is  authorized,  subject  to  the  provisions  of  this title, to provide the development
  corporation credit support account as a source or  potential  source  of
  payment  of  development  corporation  credit  support.  The  agency may
  provide the development corporation credit support account as  a  source
  or  potential  source  of  payment of all or any development corporation
  credit support upon the terms (which  shall  include  a  requirement  to
  repay  to  the  mortgage  insurance  fund any amounts transferred to the
  corporation or the convention center development  fund)  and  under  the
  conditions  it  shall  set forth in the applicable contracts between the
  agency and such other parties (including the corporation) as the  agency
  shall  deem  appropriate  with  respect  to  the  applicable reserve and
  financial support funds  which  are  to  receive  the  benefit  of  such
  development  corporation  credit  support.  The agency may not execute a
  contract to provide development corporation credit support  if,  at  the
  time  such  contract  is  executed,  such  execution  would  impair  any
  then-existing credit rating of the single family pool insurance  account
  or the project pool insurance account.
    2. For purposes of determining the mortgage insurance fund requirement
  with  respect to the development corporation credit support account, the
  board of directors of the agency, by a vote of a majority of all of  its
  members, shall approve or authorize the applicable contracts which shall
  establish  the  amount  of  the  required  or permitted deposits in each
  reserve and financial support fund (which may be determined by reference
  to percentages of such required or  permitted  amounts)  for  which  the
  development corporation credit support account is or will be a source or
  potential source of development corporation credit support. Such amounts
  (or percentages) may be different for each reserve and financial support
  fund.
    3. For purposes of section twenty-four hundred eleven of this title, a
  development  corporation  credit  support  agreement shall be deemed and
  regarded as a mortgage insurance contract for the benefit of parties  to
  such agreement.