2016 New York Laws
PVH - Private Housing Finance
Article 2 - (Private Housing Finance) LIMITED-PROFIT HOUSING COMPANIES
21 - Capital structure.

   21.   Capital  structure.  The  capital  structure  of  a  company
  undertaking a project and the proportionate amount of the  project  cost
  to  be  represented  by  mortgages,  bonds, notes, income debentures and
  shares shall be subject to the approval of the  commissioner  except  as
  otherwise   provided   in   section   twenty-three  with  respect  to  a
  municipally-aided project. The shares and income debentures issued by  a
  mutual  company or urban rental company, other than a non-profit company
  incorporated  pursuant  to  the   provisions   of   the   not-for-profit
  corporation  law  and  this article for the purpose of providing housing
  for staff members, employees  or  students  of  a  college,  university,
  hospital  or  child care institution and their immediate families or for
  aged  or  handicapped  persons  of  low  income,  and   other   than   a
  municipally-aided  non-profit  company  or  a  municipally-aided  mutual
  company, and other than a low income non-profit housing  company,  shall
  not  be  less than the total of five per centum of the project cost. The
  shares, bonds or notes, income debentures  and  mortgages  covering  any
  project shall not exceed the actual project cost.
The  provisions  of  this  section  with  respect to the proportionate
  amount of the project cost to be represented by mortgages, bonds, notes,
  income debentures and shares shall not  be  applicable  to  any  housing
  company  project,  if  funds made available by the federal government or
  any agency or instrumentality thereof are used in financing the project,
  in whole or in part, or if a mortgage  or  mortgage  bonds  issued  with
  respect  to  such  project  are insured by the federal government or any
  agency or instrumentality thereof.