AUSTIN, TX – The City of Austin Housing Department celebrates the groundbreaking for more affordable housing units in East Austin. The Ivory is located in District 1 at 1309 Chicon Street. It is Austin's first carless community, designed with 100% electric needs produced with on-site solar. The property will consist of 3 commercial condos and 53 residential condos, with 40 units available to 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." 

Left-to-right: Chestnut Neighborhood Revitalization Corporation Board President Sean Garretson, and his team; City of Austin Mayor Kirk Watson; East Austin Advocate and Leader 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 

Other sustainable features of The Ivory include: each resident receives an electric bicycle to keep from local MOD Bikes when they close on their condo; two (2) e-vehicles will be on-site for use only by the residents; a new covered bus canopy with artwork to be chosen by the community will be installed (in collaboration with CapMetro); and four (4) B-cycles will be installed—all making car ownership a choice at the property. 

The Ivory is Phase II of The Chicon, with Phase I completed in October 2018. Both are mixed-use properties developed by the non-profit developer Chestnut Neighborhood Revitalization Corporation (CNRC). Phase I of The Chicon consists of two buildings with 28 ownership units—21 of which are available to households earning at or below 80% MFI. As authorized by the Austin Housing Finance Corporation (AHFC) Board in 2012, the land for both phases of The Chicon was acquired by CNRC; those funding sources include approximately $1 million in funding through the 2018 General Obligation (GO) Bonds and $293,658 in HOME funds. 

"CNRC is so excited to deliver this amazing project to East Austin. Our local board of directors has worked so hard over the last ten years to provide both Phase 1 and now Phase 2 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, said Sean Garretson, board President with CNRC." 

The Chicon Phase I across from The Ivory property

The passing of the Affordability Housing Unlocked Ordinance in 2019 allowed CNRC to build The Ivory with non-parking and more density. Affordability Unlocked waives or modifies some development restrictions in exchange for providing low- and moderate-income housing. AHFC authorized an additional $4.4 million in funding, broken down by $86,345 in 2022 GO Bonds for pre-construction. The Ivory also received $4,313,655 million in Tax Increment Reinvestment Zone (TIRZ) funding for construction from AHFC. In addition, The Ivory received funding from Capital Impact Partners, including $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 to provide them with flexible capital, including pre-development and construction loans, in support of their mission to bring more affordable housing to the Austin area," said Sarina Trethewey, a loan officer with Capital Impact Partners, which is part of the Momentus Capital branded family of organizations and has offices in Austin and several other focus regions around the country.  "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."  

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 came from a long history of family members who also championed equal opportunities in Austin. 

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

About the City of Austin Housing Department

The City of Austin Housing Department provides equitable and comprehensive housing solutions, community development, and displacement prevention services to enhance the quality of life of all Austinites. To access affordable housing and community resources, 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 is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We work to champion key issues of equity and social and economic justice by deploying mission-driven financing, capacity-building programs, and impact investing opportunities. Learn more at capitalimpact.org. 

About Momentus Capital 

The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital, Momentus Securities (a FINRA-member broker/dealer), and Ventures Lending Technologies. While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products. Learn more at momentuscap.org.