New York § 79 - 79Minimum amount of capital and debentures
Full text of New York New York Consolidated Laws § 79 — 79Minimum amount of capital and debentures, with citation guidance and answers to common questions.
§ 79. 79Minimum amount of capital and debentures
§ 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 79
What does New York Consolidated Laws § 79 cover?
Section 79 ("79Minimum amount of capital and debentures") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 79?
A common citation format is "New York Consolidated Laws § 79" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 79 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.