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2015 New York Laws
PVH - Private Housing Finance
Article 18-A - (Private Housing Finance) LOW INCOME TURNKEY/ENHANCED HOUSING TRUST FUND PROGRAM
1106-E - Reserve fund.

NY Priv Hous Fin L § 1106-E (2015) What's This?
 1106-e. Reserve fund. There shall be a reserve fund for each project
  which  in  no  event  shall  initially  be less than five percent of the
  turnkey/enhanced rental project costs, exclusive of  any  reserve  fund.
  Such reserve fund may be provided by the corporation or any other source
  and,  if  provided  by  another source, shall be provided in cash or the
  payment of such cash shall be assured by deposit of adequate  marketable
  collateral prior to the payment by the corporation of any project costs,
  excluding advances for planning costs.

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