Section 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.