New York § 109 Minimum amount of capital and debentures

New York Statutes

§ 109 — Minimum amount of capital and debentures

New York § 109

Law PVHPrivate Housing Finance

Art. 5Redevelopment Companies

This text of New York § 109 (Minimum amount of capital and debentures) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Private Housing Finance § 109 (2026).

Text

  § 109. Minimum amount of capital and debentures. Except as provided in\nthis section the capital of a redevelopment company together with any\nincome debentures shall in no event be less than the total of ten per\ncentum of the actual cost of any project or projects undertaken pursuant\nto this article. The supervising agency may permit capital to be\nincreased or income debenture certificates to be issued for working\ncapital to be used in connection with such project to an amount not\nexceeding three per centum of the estimated cost, or three per centum of\nthe total actual final cost, if that should exceed the estimated cost of\na project.\n  The provisions of this section shall not be applicable to any\nredevelopment company if funds made available by the federal government\nor any i

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§ 109. Minimum amount of capital and debentures. Except as provided in\nthis section the capital of a redevelopment company together with any\nincome debentures shall in no event be less than the total of ten per\ncentum of the actual cost of any project or projects undertaken pursuant\nto this article. The supervising agency may permit capital to be\nincreased or income debenture certificates to be issued for working\ncapital to be used in connection with such project to an amount not\nexceeding three per centum of the estimated cost, or three per centum of\nthe total actual final cost, if that should exceed the estimated cost of\na project.\n The provisions of this section shall not be applicable to any\nredevelopment company if funds made available by the federal government\nor any instrumentality thereof, or any mortgage or mortgage bonds\ninsured by the federal housing administrator or any other\ninstrumentality of the federal government are used in financing the\nproject in whole or in part.\n