Clearinghouse CDFI (CCDFI) provided $5,316,000 to the Chestnut Neighborhood Revitalization Corporation (CNRC) for the development of The Chicon in Austin, TX. This loan supports construction and development of a mixed-use, mixed-income condominium project.
The Chestnut neighborhood in Austin, TX was once a flourishing artistic, cultural, and commercial hub for the African American community. The CNRC aims to preserve and support the history, legacy, and culture of the neighborhood. Their Chicon project encompasses the construction of 53 residential units in this area alongside 2,200 sq. ft. of commercial space in this area. Most of the units will be held affordable at less than 70% of the Median Family Income (MFI). This property also includes two units adaptable for mobility-impaired residents and six units for those who are sensory-impaired. Through the utilization of the City of Austin’s Ownership Housing Residential Development Program, these units will carry a 99-year affordability restriction, ensuring long-term housing stability in the rapidly evolving market of Austin.
The Chestnut Neighborhood Revitalization Corporation has a deep-rooted commitment to community enhancement through affordable housing. Their ongoing dedication has fostered numerous initiatives, and this project continues their mission to sustain the cultural and socioeconomic diversity of the Chestnut neighborhood.
Read the full story here: Just Funded – The Chicon
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