The NYCHDC Real Estate Corporation is a subsidiary corporation of the New York City Housing Development Corporation, established September 2004 under Section 654-a of the Private Housing Finance Law. NYCHDC Real Estate, Corp. was formed for the purpose of acquiring projects in the case of a sale under foreclosure, or in lieu of foreclosure and to maintain rentals affordable to low and moderate income persons for whom the ordinary operation of private enterprise cannot supply safe, sanitary and affordable housing accommodations.