The Ivory Opens as Austin’s First Carless Condominium Community

AUSTIN, TX – Austin Housing and the Austin Housing Finance Corporation (AHFC) celebrate the opening of The Ivory, Austin’s first carless condominium community, located at 1309 Chicon Street in District 1. In partnership with the Chestnut Neighborhood Revitalization Corporation (CNRC), a non-profit affordable housing organization, the development features 53 residential units and three commercial spaces, with 40 homes reserved for households earning at or below 70% of the median family income (MFI) and 13 offered at market rate. 

“The Ivory reflects the City’s commitment to expanding innovative, affordable housing options,” explains Deletta Dean, Austin Housing Director. “Communities such as this help us reach our goals to meet the needs of Austinites by addressing both housing affordability and the rising cost of transportation.”

The Ivory aims to redefine affordability by reducing both housing and transportation costs. Each home features energy-efficient design elements, including electric appliances, quartz countertops, in-unit washer and dryer hookups, and private or Juliet balconies. The Ivory is designed in line with the City’s Climate Protection Plan and operates entirely on electricity, without gas service. It features on-site solar energy that covers nearly 90% of residents’ electrical needs, saving homeowners about $100 per month on utility bills.

In partnership with CapMetro and Quantum Mobility, residents will also have access to an on-site bus stop, a bike-share station, and two electric car-share vehicles, providing affordable and accessible transportation. Homebuyers will receive mobility credits and transit passes to support car-light or car-free living.

The Ivory is named after East Austin advocate and leader Scottie Ivory. Ms. Ivory has been a longtime advocate for equality and justice in East Austin and comes from a long history of family members who also championed equal opportunities. The Ivory celebrates the matriarch of the East Austin Black community.

CNRC’s Board President, Sean Garretson explains, “Scottie and her family are very proud to have such a prominent affordable and sustainable building named after her.  We all believe that she is deserving of such an accolade – given all of the tireless work she did for East Austin and its community members.” 

The Ivory is Phase II of The Chicon, following the completion of Phase I in October 2018. Both phases are mixed-use properties developed by the Chestnut Neighborhood Revitalization Corporation (CNRC). Phase I of The Chicon consists of two buildings with a total of 28 ownership units, of which 21 are available to households earning at or below 80% of the Median Family Income (MFI). 

In 2012, the Austin Housing Finance Corporation (AHFC) Board authorized the acquisition of the land for both phases of The Chicon. The passing of the Affordability Unlocked Ordinance in 2019 enabled CNRC to build The Ivory with increased density and no parking requirements. This initiative allows modifications to certain development restrictions in exchange for providing housing for low- and moderate-income households. 

Development Funding

Funding for The Ivory includes a $4.4 million allocation from the Austin Housing Finance Corporation (AHFC), with $86,345 from the 2022 General Obligation Bonds for pre-construction. The development also received approximately $4.3 million from the Tax Increment Reinvestment Zone (TIRZ) and support from Capital Impact Partners, which included $425,000 for pre-development and a $14.3 million construction loan. 

Learn more about calling the community home at www.theivoryatx.com. 

Resources for affordable housing are available online at www.austintexas.gov/housing. 

About Austin Housing 
Austin Housing creates and preserves housing opportunities to stabilize communities. To access affordable housing and community resources that help you, visit www.austintexas.gov/housing.

About the Austin Housing Finance Corporation 
The Austin Housing Finance Corporation (AHFC) was created as a public, non-profit corporation and instrumentality of the City of Austin. The mission of the AHFC is to generate and implement strategic housing solutions for the benefit of low- and moderate-income residents of the City of Austin. 

About Chestnut Neighborhood Revitalization Corporation (CNRC) 
The Chestnut Neighborhood Revitalization Corporation (CNRC) is a local 501-c3 non-profit started by Reverend Joseph Parker of the David Chapel Church. The diverse board of directors is comprised mostly of local residents who work hard to fulfill our mission of affordable housing and commercial ownership opportunities in East Austin.  

About Capital Impact Partners 
Capital Impact Partners, part of the Momentus Capital branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As one of the nation's leading mission-driven Community Development Financial Institutions (CDFIs), we help build strong communities and create generational wealth by deploying mission-driven financing, capacity-building programs, and impact investing opportunities. Learn more at capitalimpact.org.