Airbnb invests $6.4M to help restart delayed North Austin housing project - Austin American-Statesman
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Airbnb chose Austin for the first investment from its new $250 million Housing Accelerator, which will help finance 201 affordable apartments in the St. John neighborhood. Airbnb and the city of Austin on Monday announced a new initiative that will directly benefit Austin residents, revitalizing a historically Black neighborhood through the construction of hundreds of new affordable housing units. The short-term rental company is providing the final financing needed for the development through its newly announced Airbnb Housing Accelerator, a $250 million initiative aimed at kickstarting construction on stalled housing projects across the country. Airbnb is providing $6.4 million to help finance 201 income-restricted apartments at 800 E. St. Johns Ave. in North Austin. The investment fills a funding gap that delayed construction for five years, despite community support for the project and state affordable housing tax incentives. The units are one piece of a larger development planned for the long-vacant property, which has been owned by the city since 2013. A separate, 325-unit mixed-income housing development is expected to open at the same time, bringing a total of more than 500 homes to the area alongside retail, a park and public artwork. And despite the company funding the project, Airbnb CEO Brian Chesky said none of the...
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