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This entry was published on 2014-09-22
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Reserve fund
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 18-A
§ 1106-e. Reserve fund. There shall be a reserve fund for each project
which in no event shall initially be less than five percent of the
turnkey/enhanced rental project costs, exclusive of any reserve fund.
Such reserve fund may be provided by the corporation or any other source
and, if provided by another source, shall be provided in cash or the
payment of such cash shall be assured by deposit of adequate marketable
collateral prior to the payment by the corporation of any project costs,
excluding advances for planning costs.