City Home, located at 1406-1422 Pleasant St. includes three phases of new development. Phase One is 11 units, including five new construction single, family homes and renovated construction units.   Phase II will include renovation of 1,600 SF of commercial space at the corner of Race and 14^th St., site of a former carry out. And Phase III will bring an additional 11 condominium units to Pleasant and Race streets.   Prior to the new construction and renovation of four existing buildings in Phase I, this area of Pleasant Street included vacant, dilapidated buildings and empty lots. Over-the-Rhine Community Housing is a partner in this project and will provide special financing on five of the 22 units, making them affordable for low to moderate income buyers. Total project cost is estimated at just over $7.3 million. The project is being financed with just under $6 million from the Cincinnati New Market Fund I.