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Council approves loan subordination to fund renovations at Benito Farm Labor Center
Summary
Soledad approved a joint resolution (63‑12) subordinating city/redevelopment loans so the Monterey County Housing Authority Development Corporation can secure senior financing to renovate the Benito Farm Labor Center and preserve affordable units.
The Soledad City Council unanimously approved a joint resolution (CSSHA‑2025‑01 / 63‑12) on Dec. 17 that allows the city and successor agency to subordinate existing loans on the Benito Farm Labor Center so the Monterey County Housing Authority Development Corporation can obtain a senior loan to fund renovations.
City staff and representatives from the housing authority explained the development is about 15 years old and needs interior and exterior repairs — roofing, painting, flooring and appliance replacements — to preserve the affordability and habitability of units. The requested subordination will make the housing authority’s loan senior and allow additional financing to be placed on the property; staff said all new loan proceeds will be invested back into the Benito property to maintain and improve affordable housing stock.
Council asked clarifying questions about renovation scope, parking and community‑center access; housing authority representatives said the work will address common area and unit upgrades and maintain resident services at the community center. The motion to approve the subordination passed unanimously.
