Children's Village, a boarding facility for children in difficult circumstances, located in neighboring Dobbs Ferry, sold about of its property in Hastings-on-Hudson to a developer in 1986. The developer was planning to build close to 100 homes that would result in traffic on the roads adjoining Hillside Elementary School. Local residents formed a committee called "Save Hillside Woods" and raised close to $800K. As a result of the 1987 stock market crash and the subsequent receivership of the bank that held the mortgage on the property, the Village purchased this parcel from the FDIC with the funds accumulated and a bond floated by the Village of Hastings-on-Hudson to expand and maintain Hillside Woods.