A product of Austin’s Housing Department and local nonprofit Chestnut Neighborhood Revitalization Corporation's partnership, a new affordable housing development broke ground this July featuring the city’s first carless community.
The overview
Located near the Chestnut neighborhood in East Austin, the property will house three commercial condos and 53 residential condos, to be known as The Ivory.
There will be 40 units available for households earning at or below 70% median family income in Travis County—an estimated $81,750 for a family of four—and the remaining 13 units will be for sale at market rate.
The Ivory includes several sustainable features making car ownership a choice at the property:
- On-site solar power
- An electric bicycle to keep from local company MOD Bikes when residents close on a condo
- Two electric vehicles located on-site for use only by residents
- A new covered bus canopy with artwork chosen by the community to be installed in collaboration with CapMetro
- Four bikes for rent available on-site
- Adjacent bus and bike lanes
The new 55,000-square-foot, five-story building—including 2,200 square feet of commercial space planned—is near obtaining a site development permit and should have a building permit within a few months, according to the Chestnut Neighborhood Revitalization Corporation, or CNRC.
Some context
The Ivory is the second phase of The Chicon development, with the first phase completed back in 2018. Both mixed-use properties are being developed by the Chestnut Neighborhood Revitalization Corporation, according to a news release from city officials.
The first phase included two buildings with 28 total units, 21 of which are reserved as affordable housing units.
There has been roughly $1 million in funding for the development allocated from 2018 General Obligation bonds and nearly $300,000 in HOME funds.
The property has also received more recent taxpayer dollars totaling $4.4 million:
- $86,345 from 2022 GO bonds toward preconstruction costs
- $4.3 from a tax increment reinvestment zone towards construction
Over the last two decades, the CNRC nonprofit has worked toward affordable housing options for both purchase and rent.
Within the Chestnut Neighborhood, the organization has developed two affordable housing projects—The Chicon and Franklin Gardens—which together accommodate more than 75 residents.
In recent years, CNRC has invested an estimated $25 million in the Austin area and received more than $500,000 in grant funding.
The Ivory is named after local advocate and leader Scottie Ivory, a longtime advocate for equality and justice in East Austin, according to the news release.
Quote of note
"It is not secret that Austin is facing an affordability crisis, and that the public and private entities need to step up and do everything possible to build, preserve and fund housing for residents who are finding it increasingly difficult to live near the many opportunities our city has to offer," Austin City Council member Natasha Harper-Madison wrote in a letter supporting the development. "In an area facing intense displacement pressures, I believe [The Ivory] will offer a vital opportunity to help protect the character of the neighborhood and preserve Central East Austin's status as a welcoming and diverse mixed-income community while also furthering [the city's] goals of building a compact and connected city where jobs, schools, shops, our deep cultural heritage and so much more are accessible to all residents."
