Mayor Kirk Watson, City Of Austin | Facebook
Mayor Kirk Watson, City Of Austin | Facebook
The City of Austin Housing Department has announced the groundbreaking of The Ivory, a new affordable housing development in East Austin. Located at 1309 Chicon Street in District 1, The Ivory is notable for being Austin's first carless community, with all electric needs met by on-site solar energy. The development will feature three commercial condos and 53 residential condos, with 40 units reserved for households earning at or below 70% Median Family Income (MFI) and the remaining units available at market rate.
"We are excited to announce the groundbreaking of The Ivory," said Mandy DeMayo, Interim Director of the City of Austin Housing Department. "This innovative development offers much-needed affordable housing and encourages a carless lifestyle to improve the quality of life for our residents. We are proud to partner with the Chestnut Neighborhood Revitalization Corporation on this development and are eager to continue our efforts to build a more inclusive and sustainable Austin."
The project includes various sustainable features: each resident will receive an electric bicycle from local MOD Bikes upon closing on their condo; two e-vehicles will be available on-site exclusively for residents; a new covered bus canopy with community-selected artwork will be installed in collaboration with CapMetro; and four B-cycles will be provided, making car ownership optional.
The Ivory represents Phase II of The Chicon development, following Phase I completed in October 2018. Both phases were developed by the non-profit Chestnut Neighborhood Revitalization Corporation (CNRC). Phase I consists of two buildings with 28 ownership units—21 designated for households earning at or below 80% MFI. CNRC acquired land for both phases through funding authorized by the Austin Housing Finance Corporation (AHFC) Board in 2012, including approximately $1 million from the 2018 General Obligation Bonds and $293,658 in HOME funds.
"CNRC is so excited to deliver this amazing project to East Austin," said Sean Garretson, board President with CNRC. "Our local board of directors has worked so hard over the last ten years to provide both Phase I and now Phase II of The Chicon. The City of Austin and Austin Housing Finance Corporation have been great partners with us on both projects. And we are also so excited to set the bar high for what true sustainability and affordability looks like in Austin."
The Affordability Unlocked Ordinance passed in 2019 allowed CNRC to increase density without parking requirements. AHFC authorized an additional $4.4 million in funding, including $86,345 from 2022 GO Bonds for pre-construction costs. Additionally, The Ivory received $4,313,655 from Tax Increment Reinvestment Zone (TIRZ) funding for construction from AHFC as well as financial support from Capital Impact Partners totaling $425,000 for pre-development costs and a construction loan of $14.347 million.
"We're proud to have worked with Chestnut Neighborhood Revitalization Corporation over these past few years," said Sarina Trethewey, a loan officer with Capital Impact Partners. "The east side of Austin is not only rapidly growing but also rapidly gentrifying. The Ivory at the Chicon helps ensure that East Austin's residents continue to have access to affordable housing and the benefits of homeownership."
Named after East Austin advocate Scottie Ivory, who has long championed equality and justice in East Austin, this development continues her legacy.
Resources for affordable housing can be found online at www.austintexas.gov/housing.
About the City of Austin Housing Department:
The department provides equitable housing solutions and community services aimed at enhancing quality of life across Austin.
About the Austin Housing Finance Corporation:
AHFC is a public non-profit corporation focused on creating strategic housing solutions for low- and moderate-income residents.
About Chestnut Neighborhood Revitalization Corporation:
Founded by Reverend Joseph Parker, CNRC focuses on providing affordable housing opportunities within East Austin through its diverse board comprised mainly of local residents.
About Capital Impact Partners:
Capital Impact Partners works towards equity through mission-driven financing and impact investing opportunities.
About Momentus Capital:
Momentus Capital integrates operations from several organizations under one brand while offering extensive resources through separate entities.
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