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 § 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.
Terms Used In N.Y. Private Housing Finance Law 79
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.