There are many accommodation options in the area.  The following towns are closest to the start:
Tawonga - 10-15 minutes drive to the start
Tawonga South - 15-20 minutes drive to the start
Mt Beauty - 20-25 minutes drive to the start
Tourism Victoria's website for the Alpine Area has a good accommodation search facility.  See Visit Alpine Victoria - Accommodation http://www.visitalpinevictoria.com.au/accommodation.asp

Bogong Moth Motel in Tawonga South is a great option and highly recommended.

Mountain Creek Picnic Area

There is very limited camping available at the Mountain Creek Picnic Area (the start of the run).  This is not exclusively reserved for the run and will most likely be shared with hikers. There is only a pit toilet there and water from the creek (so bring your own). It is recommended that runners seek alternative accommodation, rather than rely on this small camping area.