In AHC's case, the program provided for a five-year interest rate swap with Freddie Mac that allows the variable-rate tax-exempt bonds to "simulate" a fixed-rate, and to be priced with a AAA rating. Located at 2335 11th St., Woodbury Park will soon expand to encompass a total of 571 residences, as AHC announced a $50 million renovation of the property in 2003 that will add 207 more units, 108 of which will be reserved for households with incomes bellow 60% of the area median income. As per the Freddie Mac arrangement, 40% of the existing residences must be maintained for those earning below the 60% mark, and the majority of the remaining units are to have rent and income restrictions for the next 60 years.
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