Bill > H4842

This bill clarifies the organization of the Lexington Housing Assistance Board (LexHAB) by establishing it as an independent, nonprofit housing corporation with 501(c)(3) tax-exempt status under the United States Internal Revenue Code. The bill specifically modifies two sections of a previous act: first, it formally defines LexHAB as a charitable organization, and second, it outlines the dissolution procedure for the board. In the event of dissolution, the bill stipulates that all of LexHAB's property, assets, and rights will be automatically transferred to either the town of Lexington or another qualified nonprofit housing development corporation designated by the town. The transfer would occur without requiring additional legal instruments, and the town's Select Board would be empowered to assume and exercise the board's duties and powers regarding the transferred assets, ensuring that these resources continue to be used exclusively for charitable housing purposes.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H4842