§ 555. Financial structure. 1. (a) The entire amount to be paid in
cash or property by the stockholders and income debenture holders of a
housing company acquiring fee title to a project shall be equivalent to
at least twenty per centum of the cost of acquisition of such project as
certified by the commissioner in the case of companies organized
pursuant to the provisions of article four of this chapter, or at least
ten per centum of the cost of acquisition in the case of companies
organized pursuant to the provisions of article two of this chapter, as
certified by the commissioner or supervising agency, as the case may be.

(b) The entire amount to be paid in cash or property by the
stockholders and income debenture holders of a housing company acquiring
a project by lease shall be determined by the commissioner or
supervising agency, as the case may be. In the event a state-aided
project shall be acquired by a municipally-aided company by lease, the
approval of the commissioner shall be required in addition to the
approval of the supervising agency.

2. The provisions of subdivision one hereof shall not be applicable to
any housing company organized pursuant to article four of this chapter
if such company shall receive a loan from the federal government or any
instrumentality thereof, or if any mortgage or mortgage bonds insured by
the federal housing administration are used in financing the project, or
the acquisition thereof, in whole or in part. In such case the equity
required shall be the difference between the amount of such loan or
mortgage and the cost of acquisition.