Plain English Breakdown
The official source material does not provide specific details on what happens to LexHAB's duties upon dissolution, only about property and assets transfer.
Clarifying Lexington Housing Assistance Board's Structure
This act changes how the Lexington Housing Assistance Board, Inc., or LexHAB, operates and specifies what happens to its assets if it dissolves.
What This Bill Does
- Changes the way LexHAB is set up as an independent nonprofit corporation.
- Specifies that if LexHAB stops operating, all of its property and money will go directly to the town of Lexington or another approved non-profit organization without needing extra steps.
Who It Names or Affects
- The Lexington Housing Assistance Board, Inc. (LexHAB)
- The town of Lexington
Terms To Know
- 501(c)(3) organization
- A type of non-profit group that is allowed to receive tax-deductible donations and does not pay taxes.
Limits and Unknowns
- The bill does not specify when it will take effect.
- It only affects the Lexington Housing Assistance Board, Inc. (LexHAB) and related entities in Lexington.