N.Y. Private Housing Finance Law § 79: Minimum amount of capital and debentures

§ 79. Minimum amount of capital and debentures. The entire amount of

capital, together with any income debentures of a housing company shall

be equivalent to at least twenty per centum of the actual cost of the

project or projects which it operates except that in the case of a

housing company which receives a loan from the New York state urban

development corporation, created by the New York state urban development

corporation act, such amount shall be equivalent to at least five per

centum of such actual cost. The provisions of this section shall not be

applicable to any housing company if such company shall receive a loan

from a municipality pursuant to section ninety-three of the public

housing law, or if funds made available by the federal government or any

instrumentality thereof, or any mortgage or mortgage bonds insured by

the federal housing administrator or any other instrumentality of the

federal government are used in financing the project in whole or in

part.