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Housing commission recommends TEFRA public hearing, backs up to $20M in bonds for Serrano Village rehab
Summary
The commission voted to recommend a TEFRA public hearing and to support CMFA issuance of up to $20 million in tax‑exempt bonds for rehabilitation of Serrano Village Apartments; Eden Housing said rents will remain regulated and some residents will be temporarily relocated on‑site with movers provided at no cost.
The Vallejo Housing and Community Development Commission voted to recommend that the City Council hold a TEFRA public hearing and to support issuance of California Municipal Finance Authority (CMFA) bonds in an aggregate principal amount not to exceed $20,000,000 to finance rehabilitation of Serrano Village Apartments.
At the March meeting staff presented the proposal and said the adoption of the recommendation is solely to satisfy TEFRA and related California Government Code requirements; the city would incur no financial liability from the bond issuance. The public hearing before the City Council was described as being scheduled for a council meeting in late April.
Michael Rogers, a representative of Eden Housing (the project sponsor), told commissioners the project will not change tenant rents and that regulated rents will continue under the existing restrictions: “no it will not,” Rogers said when asked whether rehabilitation would increase tenant rent shares. Rogers outlined the relocation approach: about 10 units will be converted to current accessibility codes and some households will be temporarily moved into other vacant units on the property while work is performed; the developer will hire movers and assist with packing and unpacking, and said there will be no additional cost to households. He did not commit to reimbursing tenants for lost wages from missed work and said he would follow up with staff on that question.
A motion to adopt the TEFRA recommendation was made and carried by recorded vote (five yes, one no). The motion directs staff to proceed with the TEFRA process, including the City Council public hearing and the CMFA bond issuance steps necessary for financing the rehabilitation.
Next steps: the recommendation goes to the City Council for the TEFRA public hearing and possible approval of the bond issuance. Staff and Eden Housing will return with any follow‑up details commissioners requested about relocation timing and whether wage reimbursement will be offered.
