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 its electric needs met through on-site solar power. The project includes three commercial condos and 53 residential condos, with 40 units designated for households earning at or below 70% Median Family Income (MFI) and the remaining 13 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."
Attendees at the event included Chestnut Neighborhood Revitalization Corporation Board President Sean Garretson and his team; City of Austin Mayor Kirk Watson; East Austin Advocate Scottie Ivory and her daughter; City of Austin Housing Department Interim Director Mandy DeMayo; and Capital Impact Partners Loan Officer Sarina Trethewey and her team.
Sustainable features at The Ivory include providing each resident with an electric bicycle from local MOD Bikes upon closing on their condo, two e-vehicles exclusively for resident use, a new covered bus canopy featuring community-chosen artwork in collaboration with CapMetro, and four B-cycles. These amenities aim to make car ownership optional for residents.
The Ivory represents Phase II of The Chicon development, following Phase I's completion in October 2018. Both phases were developed by the non-profit Chestnut Neighborhood Revitalization Corporation (CNRC). Phase I comprises two buildings with 28 ownership units, including 21 units for households earning at or below 80% MFI. Authorized by the Austin Housing Finance Corporation (AHFC) Board in 2012, CNRC acquired land for both phases using funds that included approximately $1 million from the 2018 General Obligation (GO) 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 AHFC 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 look like in Austin."
The Affordability Housing Unlocked Ordinance passed in 2019 enabled CNRC to develop The Ivory without parking requirements while increasing density. Affordability Unlocked waives or modifies certain development restrictions in exchange for low- and moderate-income housing provision. AHFC authorized an additional $4.4 million in funding for pre-construction via GO Bonds in 2022 ($86,345) as well as $4,313,655 million from Tax Increment Reinvestment Zone (TIRZ) funding for construction.
"We're proud to have worked with Chestnut Neighborhood Revitalization Corporation over these past few years to provide them with flexible capital," said Sarina Trethewey from 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 homeownership benefits."
The development is named after Scottie Ivory, an advocate for equality and justice in East Austin who comes from a family deeply involved in championing equal opportunities within the community.
For more information about affordable housing resources provided by the City of Austin Housing Department, visit www.austintexas.gov/housing.