Mayor de Blasio celebrates opening of The Woodlands & Council Tower

New York, NY Mayor Bill de Blasio, the U.S. Department of Housing and Urban Development (HUD), New York City Department of Housing Preservation and Development (HPD), New York City Housing and Development Corp. (HDC), New York City Housing Authority (NYCHA), the Arker Companies, the Met Council and other partners celebrated the opening of The Woodlands & Council Towers VII, two new senior housing developments in the Co-op City neighborhood of the Bronx. Both new buildings serve low-income senior citizens, age 62 and older.

“New York City’s seniors should be able to live in the communities they helped build and remain in the neighborhoods they call home. That’s why we’re working hard and investing in public-private partnerships to continue building affordable housing for the most vulnerable among us, particularly those elderly and aging New Yorkers living on fixed incomes,” said mayor de Blasio. “Affordable housing, like that at The Woodlands and Council Towers VII, will help ensure that our city’s growing senior population isn’t forced to decide between affording prescription medications or paying the rent.”

The neighboring buildings, The Woodlands and Council Towers VII, were built adjacent to Met Council’s Weinberg Council Towers V and Weinberg Council Towers I. Both properties are the latest Met Council Tower developments to open and add to the portfolio of buildings spread throughout New York City. Each development provides a safe environment with on-site social service programs for its residents.

The Woodlands building serves households for which the head of household is 62 years of age or older with an income limits set at $31,100 for an individual, and $36,250 for a household of two. The Council Towers VII building serves the same population with a set income limit of no more than $31,250 for an individual and $33,250 for a household of two. Both developments receive rental assistance which allows for deeper affordability and restricts the renter’s income contribution to 30% of their monthly income, whatever it may be. The Woodlands receives Project-Based Section 8 from NYCHA, and Council Towers VII receives Project Rental Assistance under HUD’s Section 202 program.

The Woodlands consists of 90 one-bedroom and 10 two-bedroom apartments. The units include a full residential style kitchen area, equipped with refrigerator, range/oven combination, full size cabinets and countertop and a single basin sink and bathrooms equipped with a bathtub and vanity. All units are handicapped accessible.

Building amenities include a laundry room, community room, landscaped sitting areas, a computer learning center, electronic surveillance equipment and security, parking, and an on-site superintendent and porter. The community room will host a variety of activities for seniors, including arts and crafts, exercise classes and bingo. All apartments in The Woodlands were filled from NYCHA’s Section 8 waiting list. Future vacancies will be filled from a site-based waiting list of approximately 200 Section 8 senior applicants.

Council Towers VII contains 78 one-bedroom apartments. Each unit contains a fully equipped kitchen, a combination living and dining room, and a bathroom with either a full sized bathtub or a roll in shower. All of the units are handicapped accessible.

Also included in this building are a community room, laundry room, video intercoms, security cameras, parking, and security. Social activities, trips to local shopping, and recreational outings are available in conjunction with the adjacent Council Towers I and Council Towers V. An on-site Superintendent, Residence Director and Service Coordinator provide services and support to the building’s residents. All apartments at Council Towers VII were filled via an affordable housing lottery.

The total development cost for The Woodlands is $38.2 million.

In addition to construction Tax Exempt Bond financing, HDC provided $5.5 million in subsidy from its corporate reserves. HPD provided Low-Income Housing Tax Credits which generated $16.5 million in Tax Credit Equity. NYCHA provided 100 project based Section 8 vouchers which over the course of the contract amount to approximately $24 million. Wells Fargo acted as Tax Credit Investor. The project also received $5.1 million in Federal HOME Funds.

The total development cost of Council Towers VII is $25.8 million. HUD provided a grant of $400,000 toward pre-construction expenses and an additional $12.8 million Section 202 loan. The project received $1.7 million in federal HOME funding. HPD provided Low-Income Housing Tax Credits. Wells Fargo provided $9.9 million in LIHTC equity. The Office of the Bronx Borough President provided $750,000 in Reso A funding. The combined project received a total of $123,554 from the New York State Energy Research and Development Authority (NYSERDA).

Both buildings are fully rented.