§ 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 section shall not be
applicable to any housing company if such company shall receive a loan
from a municipality pursuant to section ninety-three 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.