Sereno Village100% Affordable Community
Vallejo, California
Overview Units: 125 (one-, two-, three-bedroom units)Address: 750 Sereno Drive, Vallejo, CAAffordability: 30-50% AMIBuilt in 2003 by Citizens Housing; When Citizens closed its doors in 2010, Eden Housing stepped in to assume ownership and help preserve the property’s long-term affordability.Eden Housing is a mission-driven non-profit with over 67 years of experience developing and operating affordable housing throughout California. Eden serves very low, low and moderate-income families, seniors, veterans, people living with physical, mental, or developmental disabilities, and the formerly homeless.
Rehabilitation of Sereno Village•Eden Housing secured tax credit financing in December 2025. Applications were very competitive. Sereno Village was 1 of 7 projects to be funded in the State.•The receipt of the tax credits will support a significant renovation and upgrades at Sereno Village. The project has the following existing soft loans:•City of Vallejo RDA & Successor Loans: ~$4.3million•City of Vallejo Recreation District commonly known as GVRD: ~$1.3million •Vallejo Flood and Wastewater District: ~$370,108.
City of Vallejo•Previous City actions at the November 18, 2025, Council Hearing:•Approved an amendment, assignment, and extension of the remaining City & Successor Agency Loans to match the new tax credit regulatory term.•Approved subordinations of the City Loans to new senior construction and permanent debt. •Authorized the City Manager to execute all loan and subordination documents required for the tax credit transaction on behalf of the City.
City of Vallejo•Requested City actions at the June 9, 2026 Council Hearing:•Approve the City Acquisition and Permanent Loan Assignment and Assumption of Loan Documents ($600,000 & $1,900,000) as drafted by City Staff and Eden Housing.•Approve the Construction Lender US Bank Subordination Agreement as drafted and reviewed by City Staff.
Project Benefits•The tax credit award brings ~$17M in private tax credit funding to the City of Vallejo through a rehab of Sereno Village.•Eden Housing is contributing $990,000 towards the project’s renovation.•The rehab project will bring federal prevailing wage construction jobs to the City of Vallejo.•Project will pay building permit and inspection feesto the City of Vallejo.•The renovation will bring much-needed capital repairs to the Sereno Village, including but not limited to: improved site work and landscaping, new windows, new exterior paint, new heating/cooling units, sprinkler system upgrades, interior paint and flooring, new bath fans to enhance in-door air quality, new appliances as needed, new kitchen cabinets as needed, 7 units to be upgraded to meet current accessibility standards, new exterior lighting, upgraded security system including cameras, electrification of the hot water at the community building and other improvements to the community building. •Seven (7) of the 31 project-based vouchers reserved for special needs households. •Preserve long-term affordability of 125 units of extremely low-and very-low income housing units for another 55 years.