(Read more on the multifamily market.)

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BRONX, NY-Gov. Eliot Spitzer and Mayor Michael Bloombergcompleted the first affordable housing development in New YorkState's history to qualify for the Leadership in Energy andEnvironmental Design for Homes designation from the US GreenBuilding Council. Morrisania Homes, a 64-unit affordable housingdevelopment in the South Bronx comprised of 16 three-family andeight two-family houses, was financed collaboratively by state,city and private funding.

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"This successful development proves that we can have it bothways--we can increase the number of affordable homes, which isessential for working New Yorkers to achieve economic security, andwe can do so in a way that also protects the environment andincreases energy efficiency," says Spitzer in a prepared statement."Green buildings represent a new frontier in the development ofsustainable, affordable housing and will help lay the groundworkfor a cleaner, healthier and more affordable future."

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Bloomberg adds that "the Morrisania Homes show that affordablehousing can also be sustainable housing. As we work to buildhousing for the million new people expected to come to New York by2030, we need to ensure that we are building homes that people canafford and that allow the city to grow in an environmentallyresponsible way." The new homes, Bloomberg explained are part ofthe city's 165,000 unit affordable housing plan. In July, New YorkCity surpassed its annual target for affordable housing, asGlobeSt.com reported."Nearly 65,000 units have already been financed through the plan,putting us on track to complete the plan on schedule," he says.

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The homes meet LEED-H requirements for water efficiency,sustainable site planning, energy, materials and resources, indoorenvironmental quality, and design process. All of the homes' indoorfeatures are Energy Star certified, signifying that energyconsumption is at least 30% less than comparable standard features,and include high-efficiency sealed combustion boilers, lightingfixtures, and recyclable carpeting. LEED-H requires that newoccupants receive detailed instructions and training on thesustainability of their homes. The Morrisania Homes are locatedwithin two-blocks of public transportation in the Bronx.

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The New York State Affordable Housing Corp. provided a grant ofmore than $1.5 million, which funded the first phase of thedevelopment. In addition, the city provided approximately $1.9million in subsidies and Borough President Adolfo Carrión providedmore than $453,115 in additional funding. Council member HelenFoster funded $40,000 for the preparation of the alternative sitefor the community gardens. JP Morgan Chase provided a constructionloan of more than $6.6 million.

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Housing Preservation and Development commissioner Shaun Donovansays "the Morrisania Homes represent a significant step forward inintegrating affordable housing with environmental sustainability.As New York's population grows, integrating these two concepts willbe crucial to the well-being of the city, its residents, and theenvironment we all share. Part of the success of the mayor's PlaNYCis ensuring that residents also have access to transportation andopen space. By bringing these elements of a healthy communitytogether, the Morrisania Homes serve as an example for futuredevelopments around the city."

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The Morrisania Homes are being developed by Blue Sea Developmentthrough HPD's Partnership New Homes Program and financed throughthe New York State Affordable Housing Corp. Families of fourearning approximately $42,000 are eligible to apply for the two-and three-family homes.

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The development consists of two phases, with the second phase tobe completed in the fall, which will add 12 additional units andwill result in four three-family homes. In total, 76 affordableunits will be created.

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Housing Partnership Development Corp. pulled the deal togetheras the intermediary for this successful public private partnershipaccording to a company spokesperson.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.