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This entry was published on 2014-09-22
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SECTION 109
Minimum amount of capital and debentures
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 5
§ 109. Minimum amount of capital and debentures. Except as provided in
this section the capital of a redevelopment company together with any
income debentures shall in no event be less than the total of ten per
centum of the actual cost of any project or projects undertaken pursuant
to this article. The supervising agency may permit capital to be
increased or income debenture certificates to be issued for working
capital to be used in connection with such project to an amount not
exceeding three per centum of the estimated cost, or three per centum of
the total actual final cost, if that should exceed the estimated cost of
a project.

The provisions of this section shall not be applicable to any
redevelopment company 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.