Vela said Airbnb\u2019s investment will help fill a multimillion-dollar funding gap. The company launched its accelerator program on Monday, committing $250 million across the country to what it’s calling \u201clast-dollar financing.\u201d<\/p>\n
Brian Chesky, cofounder and CEO of Airbnb, said it’s aimed at filling a gap for projects that hit financial snags. <\/p>\n
\u201cThere\u2019s about 750,000 homes or housing developments that are about to be built, but they need last-dollar funding. And if they got their last-dollar funding, then those 750,000 units would be built,\u201d Chesky said.<\/p>\n
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Michael Minasi<\/p>\n
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KUT News<\/p>\n
From the left, Thelma Williams, Austin City Council Member Jos\u00e9 “Chito” Vela, Airbnb CEO Brian Chesky, and Stephanie Rawlings-Blake, former mayor of Baltimore, participate in a discussion about housing in Austin, Texas, on Monday, Sept. 14, 2026, at the Austin Central Library.<\/p>\n
The boost in funding comes as Austin continues to work toward its affordable housing goals. In 2017, the city set a goal<\/a> of building 135,000 new apartments over 10 years with about half of them set aside for families earning no more than $65,000 a year.<\/p>\n Vela said this will help the city move in the right direction. <\/p>\n \u201cIn so many projects that we see out there, there is some kind of gap that is keeping the ground from breaking and keeping construction from starting,\u201d Vela said. \u201cSo I think this kind of deal-closing fund for affordable housing is a phenomenal idea.\u201d<\/p>\n He said Airbnb won\u2019t receive any incentives or deals from the city as part of this program. Last year, the city adopted stronger rules<\/a> for people who operate short-term rentals in Austin. Those regulations will remain in place.<\/p>\n Vela hopes the program will foster partnership and better relationships with companies like Airbnb.<\/p>\n \u201cThe city can\u2019t do this on our own,\u201d Vela said. \u201cWe need our business partners, our affordable housing partners and our philanthropic partners.\u201d<\/p>\n Longtime St. Johns resident Thelma Williams said it’s time to invest in the community and create more options for young families.<\/p>\n \u201cBecause young people are really struggling to have affordable houses so that they can be all that they can be,\u201d Williams said.<\/p>\n Construction on the St. Johns project began earlier this summer and is expected to be complete by 2028.<\/p>\n