2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
109 - Minimum amount of capital and debentures.

 
    § 109. Minimum amount of capital and debentures. Except as provided in
  this  section  the  capital of a redevelopment company together with any
  income debentures shall in no event be less than the total  of  ten  per
  centum of the actual cost of any project or projects undertaken pursuant
  to  this  article.  The  supervising  agency  may  permit  capital to be
  increased or income debenture certificates  to  be  issued  for  working
  capital  to  be  used  in  connection with such project to an amount not
  exceeding three per centum of the estimated cost, or three per centum of
  the total actual final cost, if that should exceed the estimated cost of
  a project.
    The provisions  of  this  section  shall  not  be  applicable  to  any
  redevelopment  company 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.