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US: Airbnb has launched a Housing Accelerator with an initial $250 million financing commitment, which it says could unlock $5 billion in housing investment over the next ten years.
The Airbnb Housing Accelerator will provide “last-dollar” financing to rental housing developments that have cleared most regulatory hurdles but require additional capital before construction can begin.
Airbnb said it would accept returns significantly below standard market rates, with a focus on stalled affordable and mixed-income housing projects.
The programme’s inaugural $6.4 million investment will support 201 affordable homes within Austin’s St. John redevelopment. The wider public-private project will include more than 500 homes, retail space, a park and public art.
Developers, non-profits and community organisations can submit potential investment opportunities through the programme’s website.
Brian Chesky, co-founder and CEO of Airbnb, said: “The housing crisis wasn’t created overnight, and it won’t be solved overnight. But we can start moving in the right direction, and that is exactly what the Airbnb Housing Accelerator is designed to do.”
Alongside financing, Airbnb will support local organisations advocating for changes to zoning, permitting and building codes. Proposed reforms include shorter approval timelines, higher density allowances and limits on upfront development fees.
Organisations receiving support include the Citizens’ Housing and Planning Association, Florida Housing Coalition, AURA and Housing Action Coalition. Airbnb will also support research with the Chicago Urban League examining barriers within existing housing programmes.
Later this year, the company plans to launch the Airbnb City Index, an annual assessment of housing policies and outcomes in cities worldwide. It will cover measures including housing additions per capita, affordability and rules affecting construction.
Airbnb also intends to offer five awards of $1 million through its Housing Innovation Prize. The funding will target technologies and designs that could reduce the cost and time required to build homes, including offsite construction, construction productivity and faster permitting processes.
Eligibility requirements and application details for the prize are expected later this year.
Highlights
- Airbnb will provide financing for stalled rental housing developments, prioritising affordable and mixed-income projects
- Its first $6.4 million investment will support 201 affordable homes in Austin, Texas
- The programme will support reforms to zoning, planning approvals and building codes
- A new Airbnb City Index will assess housing policies and affordability across cities worldwide
- A $5 million Housing Innovation Prize will support companies and non-profits developing homebuilding technologies
