N.Y. Private Housing Finance Law § 79

§ 79. Minimum amount of capital and debentures. The entire amount of\ncapital, together with any income debentures of a housing company shall\nbe equivalent to at least twenty per centum of the actual cost of the\nproject or projects which it operates except that in the case of a\nhousing company which receives a loan from the New York state urban\ndevelopment corporation, created by the New York state urban development\ncorporation act, such amount shall be equivalent to at least five per\ncentum of such actual cost. The provisions of this section shall not be\napplicable to any housing company if such company shall receive a loan\nfrom a municipality pursuant to section ninety-three of the public\nhousing law, or if funds made available by the federal government or any\ninstrumentality thereof, or any mortgage or mortgage bonds insured by\nthe federal housing administrator or any other instrumentality of the\nfederal government are used in financing the project in whole or in\npart.\n