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Lafayette City clears liens on multiple homes, approving mortgage and covenant releases
Summary
The council approved releases of mortgages and deed-restriction covenants on three properties and a Habitat home buyer’s mortgage after borrowers satisfied affordability periods, clearing titles for resale or refinancing, Lafayette Housing Authority staff said.
Valerie Oakley, project manager with the Lafayette Housing Authority, told the Lafayette City Council the authority was asking the council to approve several lien- and covenant-release items so titles could be cleared and properties moved back into full market status.
Oakley said the actions covered an old LHNS Home Start loan on 1019 and 1019½ Hartford Street, a mortgage and deed-restriction release for 1506 North 20 Ninth Street, and a release of mortgage for a Habitat home at 1317 Wabash Avenue whose period of affordability had ended.
The releases are intended to clear small remaining balances and deed restrictions tied to affordability periods. Oakley described the Hartford Street item as “an old, LHNS Home Start loan that had just a very small balance” and said the releases would “clear the title, and move forward with it.”
Council members moved and seconded the motions and voted in favor of the releases. The minutes record affirmative “aye” votes for each motion; no roll-call tallies or named vote records were provided in the transcript.
Why this matters: releasing mortgages and deed restrictions restores clear title to properties and allows owners to refinance or sell without the prior regulatory encumbrances associated with affordability programs. The Lafayette Housing Authority presented the items as routine clearances after loan or affordability requirements were satisfied.
The council approved the following items as presented by Oakley: release of mortgage and release of covenant/deed restriction for 1019 and 1019½ Hartford Street; release of mortgage and release of covenant/deed restriction for 1506 North 20 Ninth Street; and release of mortgage for 1317 Wabash Avenue.
