New York City
Council Towers VII and The Woodlands are two separate senior housing developments in one building. Developers The Arker Cos. and Metropolitan Council on Jewish Poverty came up with the unique structure to maximize the number of units on the site and help finance the New York City project.
Although Council Towers VII and The Woodlands both use tax-exempt bonds and low-income housing tax credits, they each have their own financing structure. The 79-unit Council Towers VII utilizes capital funding through the federal Sec. 202 program while the 101-unit Woodlands has 100 project-based Sec. 8 vouchers. This combination of funding sources and rental assistance allows the rents to be affordable to low-income seniors earning up to 60% of the area median income, with tenants paying no more than 30% of their income in rent.
Serving low-income seniors, the development fills a need in the northeast section of the Bronx. The area is one of the Bronx's most impoverished areas.