I was debating on whether or not to comment on this post. I'm already done with one application and submitting another so be kind!
This is the project I used for my portfolio. Edited down to 20 images:
http://www.nikkirotunda.com/lewisstreet
In my statement I addressed the use of b&w over color, which a MFA grad friend told me was important to do:
"Black-and-white over color film was a conscious choice with this project. I didn’t want the viewer to get caught up in the implications of the alternative/communal lifestyle presented here, as that was not what fascinated me most about this particular living situation. The black-and-white adds an element of timelessness, so that what is presented here would not be associated with something that is new and cutting edge, but a fundamental truth of human relationships."