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.