Clarifies the organization of the Lexington Housing Assistance Board, establishing it as a nonprofit housing corporation.
The bill amends the Lexington Housing Assistance Board, establishing it as an independent, nonprofit housing corporation known as LexHAB. It specifies that the corporation will be organized and operated exclusively for charitable purposes. In the event of dissolution, all property and rights will automatically vest in the town of Lexington, which will assume the board's powers and duties.
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- Core Provisions
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- Legal Framework
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