Financial Desk

The homes are also energy efficient and clustered for more efficient land use.Olmsted Green's standard green features include tiffany jewelry rated appliances, carpets and paints with low toxicity, and energy-efficient windows and insulation.Working with the nature preserve, run by the Audubon silver cufflinks, the developers will create several walking trails throughout the site. They are also preserving mature trees."I grew up in the projects," said E. Lorraine Baugh, chief executive of the Lena Park Community Development Corporation. "People want some green and open space, and they don't want to drive an hour and a half to be able to afford it."The nonprofit status of Lena Park qualified the project for state and local subsidies, which enable the developers to build so much affordable housing. In turn, Lena Park will reap substantial benefits from the profit-making development, including an expansion and rebuilding of its community center, and financing of programs, like job training and home-buyer counseling. Even though Lena Park did not risk any of its own resources, it risked its credibility by partnering with a "white, downtown developer," Ms. Baugh said."Part of our silver money clips to educate the community," she said. "As a community development corporation, without this partnership, we could build an affordable unit here and there, but nothing of this scale. Because we were involved, people came in skeptical but not completely opposed."But even a well-planned development is not immune from the vagaries of the real estate market. The developer has had to postpone construction of some of the condominiums because of the subprime mortgage crisis and the resulting credit squeeze.While 50 of the affordable rental units have been built, only 19 of the units that will be sold are near completion, with seven under contract. The second phase is to start later this year."In a challenging market, we're going forward," said Kirk A. Sykes, president of the Urban Strategy America Fund.