Clearinghouse CDFI provided $6.1 million in financing to support the conversion of the historic Embassy Hotel into San Francisco affordable housing. Built in 1930 and located at the corner of Polk and Turk Streets, this Art Deco property is being transformed into 84 units of affordable housing through San Francisco’s housing program.
The Embassy Hotel is situated in a federally designated CDFI Qualified Investment Area, supporting broader goals of economic reinvestment and revitalization. Uniquely, each unit in this conversion will include a private bathroom—a distinct advantage over typical single-room occupancy (SRO) models—enhancing resident comfort, privacy, and livability.
With direct access to Bus Rapid Transit, the property ensures that future residents will remain well-connected to jobs, healthcare, and essential services. The project will also generate 12 construction jobs, further contributing to local economic activity.
In addition to meeting a critical local need for San Francisco affordable housing, this project promotes resource efficiency by repurposing an existing structure rather than building new. The Embassy Hotel’s Art Deco architecture will be preserved, maintaining historic character while introducing modern utility. The building’s central location—within walking distance of public transit, employment hubs, and essential services—further enhances its long-term value to the community. Clearinghouse CDFI’s investment supports not only expanded housing access, but also contributes to the sustainable revitalization of a high-demand urban area.
The Embassy Hotel conversion is part of a broader effort to expand San Francisco affordable housing through innovative, market-based solutions. By financing projects that repurpose existing buildings, Clearinghouse CDFI helps reduce construction timelines and costs, while supporting local job creation and sustainable development. Investments like this reflect our long-standing commitment to revitalizing urban areas in ways that benefit both residents and the economy.
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