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Council approves TEFRA hearing and tax-exempt bond issuance for Canvas Apartments at 39340 Fremont Boulevard
Summary
Fremont council held a TEFRA public hearing and unanimously approved the issuance of tax-exempt bonds by CMFA to finance the Canvas Apartments project at 39340 Fremont Boulevard; the developer said construction is expected to begin mid-July with an 18-month schedule and completion in Q1 2028.
The Fremont City Council on June 16 conducted a TEFRA public hearing and voted unanimously to approve the issuance of tax-exempt bonds by the California Municipal Finance Authority (CMFA) to finance Canvas Apartments, a multifamily rental housing project at 39340 Fremont Boulevard.
The hearing was opened in accordance with federal tax rules requiring public notice and opportunity for comment on proposed tax-exempt financing. Finance staff, the city’s housing division and a CMFA financial advisor were available to answer council questions. City staff reported no written comments had been received by the city clerk prior to the hearing, and there were no in-person or Zoom speakers for this item.
Teresa Pokalski, director of development at Community Development Partners, who participated virtually, told the council construction is in permitting but is on schedule to begin in mid-July 2026 and to take roughly 18 months, with project completion expected in the first quarter of 2028.
“Construction would — we’re currently in the permitting process, but construction is on track to begin in mid-July … and it is an 18-month construction schedule, so we would complete in the 1st quarter of 2028,” Pokalski said.
Vice Mayor moved the staff recommendation to approve the TEFRA hearing and bond issuance; the motion was seconded and passed unanimously. Staff will proceed with the federal tax compliance steps with CMFA and finalize bond documents.
