Airbnb announced a $6. 4 million investment in an Austin housing development that is intended to help fund 201 affordable housing units as part of the company's new national housing initiative.

What we know: The investment is Airbnb's first through its Housing Accelerator, a program the company says will provide an initial $250 million in last-dollar financing to help unlock more than $5 billion in housing capital over the next decade.

The St. John redevelopment, located at 800 E. St. John Avenue, will include 201 affordable units and a companion project with 325 mixed-income units.