In Burjassot you can find the hotels Trapemar and Trapemar Los Silos (http://www.trapemar.com). They are simple but comfortable. IFIC is within walking distance from these hotels and they are well communicated by public transport to the city centre.
Also in Burjassot, but for longer stays, you can use the Residencia (http://www.campuspatrimonial.es/residencia-universitaria-valencia.htm). Each room has small kitchen and wifi is available.
Hotels not very far away from IFIC, but that require public transport are the Sorolla Palace (http://www.hotelsorollapalace.com), that offers good fares for IFIC outside special dates (fairs and the like) and the Expo Hotel (http://www.expohotelvalencia.com).
Other recommended hotels in Valencia are the following:
Hotel Astoria (http://www.ayrehoteles.com/hotel-astoria-palace)
Hotel Husa Reina Victoria (http://www.husa.es/hotel-husa-reina-victoria.htm)
Hotel Beatriz Rey Don Jaime (http://www.beatrizhoteles.com/es/beatriz-rey-don-jaime.html)