Community Development Partners Starts $59M Canvas Affordable Housing Project in Fremont

• Community Development Partners has started construction on Canvas, a $59 million affordable housing development at 39340 Fremont Boulevard, Fremont, California.
• The five-story project will deliver 92 apartments, with rents targeted to households earning 30% to 70% of area median income.
• 15 apartments will be reserved for households that include individuals with intellectual or developmental disabilities, with support from state and regional service partners.
• Financing includes a 4% Low-Income Housing Tax Credit allocation, $11 million from the City of Fremont, and $1.5 million from the California Department of Developmental Services, with completion expected in March 2028.

What Community Development Partners Is Building in Fremont

Construction is underway on Canvas, a new affordable housing community planned for Fremont’s Central District, across from the Fremont Hub shopping center. The approximately $59 million development will add 92 apartments to the city’s housing supply, including studios and one-, two- and three-bedroom layouts. The project is being developed by Community Development Partners, designed by AO, and built by CDP Builders. The development team says Canvas will pair affordable homes with shared gathering areas and on-site resident services, an approach intended to support families, seniors and residents with disabilities.

 

 

What the Affordable Housing Mix Means for Residents

Most apartments will be deed-restricted for households earning between 30% and 70% of area median income, providing rental options for residents who may struggle to afford market-rate housing in the Bay Area. Fifteen homes will be set aside for households that include a person with an intellectual or developmental disability, with services supported by the California Department of Developmental Services and Regional Center of the East Bay.

Community Development Partners Chief Development Officer Jessica Woodruff said, “Through shared spaces and on-site programming, we’re creating opportunities for neighbors to learn from one another, build friendships and support each other in everyday life.”

The project will include two courtyards and a ground-floor community room. Project Access will provide resident services at no cost to residents, including planned tutoring, adult education, wellness programming and community events.

What the $59 Million Financing Package Includes

Canvas is supported by a mix of public funding, tax-credit financing and private capital. The funding package includes a 4% federal Low-Income Housing Tax Credit allocation, $11 million from the City of Fremont and $1.5 million from the California Department of Developmental Services. Bank of America is providing tax-credit equity and construction financing, while Citibank is the permanent lender. The financing structure reflects the role of tax credits, public funding and institutional lenders in making income-restricted housing projects financially feasible. For real estate investors, Canvas illustrates how affordable housing development often relies on layered capital rather than conventional market-rate rental economics. Public funding helps support rents below prevailing market levels, while long-term financing supports the project beyond construction.

What Canvas Adds to Fremont’s Housing Pipeline

Fremont’s 2023–2031 Housing Element identifies a need for nearly 13,000 additional homes, including more than 7,000 affordable units. Canvas contributes 92 apartments to that broader goal and is designed to serve residents across multiple generations and income levels. The project is targeting LEED certification and will include rooftop solar panels to help offset electricity use in common areas. Completion is expected in March 2028, adding another affordable housing option near downtown shops, schools, parks and public transit.