HDC is committed to fulfilling its mission of increasing the supply of affordable housing, as well as aiding the preservation of existing affordable housing, within the boroughs of New York City.  In the course of HDC's more than 30-year existence, several subsidiaries have been created to assist the Corporation in achieving its mission: New York City Residential Mortgage Insurance Corporation (REMIC) In existence since 1973 and a subsidiary of HDC since 1993, REMIC aides the creation of new affordable housing by offering banks and other financial institutions a means to insure residential mortgages.  The absence of this credit enhancement would prohibit the construction of some affordable housing developments. READ MORE   NYCHDC Real Estate Corp. In September of 2004, this subsidiary was created to assist HUD and HPD in preserving distressed housing in HUD’s foreclosure portfolio. Most notable transactions of this subsidiary include the transfer of ownership of Ennis Francis Houses to a subsidiary of the Abyssinian Development Corporation and the transfer of Logan Gardens to a subsidiary of C.A.T.C.H. Read the By-laws of NYCHDC Real Estate Corp. Housing Assistance Corporation (HAC) In 1986, this subsidiary was chartered to provide funds for affordable housing outside of HDC's purview. HAC was initially granted surplus from the Municipal Assistance Corporation to subsidize 13 developments with 1,326 apartments.  Read the by-laws of HAC.   Housing New York Corporation (HNYC) Created in 1986 to increase the supply of low- and moderate-income housing in the City. HNYC's authority to bond for new developments expired in 1996.  Currently, this subsidiary is inactive.