N.Y. Urban Development Guarantee Fund of New York Law § 6
The fund shall establish a loan guarantee fund. The loan guarantee fund shall be a non-lapsing, revolving fund to be used for the purpose of carrying out the provisions of this act. To such loan guarantee fund shall be charged payments required by loan defaults. To such loan guarantee fund shall be credited all receipts of the fund, other than receipts allocated for the payment of current operating expenses, including loan guarantee premiums, gifts, grants or loans, proceeds of the sale of debentures by the fund, and proceeds from the sale, disposal, lease or rental of real or personal property which the fund may receive under the provisions of this act. Monies of the loan guarantee fund, not needed to meet current obligations of the fund, shall be deposited to the credit of such loan guarantee fund and may be invested as the directors of the fund shall determine.
N.Y. Urban Development Guarantee Fund of New York § 6