N.Y. PVH Law § 21

§ 21. Capital structure. The capital structure of a company\nundertaking a project and the proportionate amount of the project cost\nto be represented by mortgages, bonds, notes, income debentures and\nshares shall be subject to the approval of the commissioner except as\notherwise provided in section twenty-three with respect to a\nmunicipally-aided project. The shares and income debentures issued by a\nmutual company or urban rental company, other than a non-profit company\nincorporated pursuant to the provisions of the not-for-profit\ncorporation law and this article for the purpose of providing housing\nfor staff members, employees or students of a college, university,\nhospital or child care institution and their immediate families or for\naged or handicapped persons of low income, and other than a\nmunicipally-aided non-profit company or a municipally-aided mutual\ncompany, and other than a low income non-profit housing company, shall\nnot be less than the total of five per centum of the project cost. The\nshares, bonds or notes, income debentures and mortgages covering any\nproject shall not exceed the actual project cost.\n The provisions of this section with respect to the proportionate\namount of the project cost to be represented by mortgages, bonds, notes,\nincome debentures and shares shall not be applicable to any housing\ncompany project, if funds made available by the federal government or\nany agency or instrumentality thereof are used in financing the project,\nin whole or in part, or if a mortgage or mortgage bonds issued with\nrespect to such project are insured by the federal government or any\nagency or instrumentality thereof.\n