Lexington Housing Assistance Board Inc

“No committees have authority to act on behalf of the governing body.”

“Finance director reviews with input/review from executive director, cpa, paul ryan from o'brien, riley, and ryan, and auditing firm, cbiz. A review will take place with the board after filing.”

“The board hired an independent consultant to conduct a salary review and compare to industry norms and salary analysis. This was conducted in may 2023.”

“UPON REQUEST”

“Transfer from the town of lexington - separation agreements 21,776,385.”

“Approved on september 4, 2024 the commonwealth of massachusetts approved the reorganization of the lexington housing assistance board, inc. The organization prior to that was under the umbrella of the town of lexington. The organization kept separate books and at the time of the reorganization the amounts recorded on those books were transferred to this independent non-profit entity when it received tax exempt public charity status from the irs. This transfer is a one time transfer to report the accurate balance sheet of the organization as a result of its new independent status. Lexington housing assistance board, inc. (the organization") is a charitable nonprofit corporation organized under the laws of the commonwealth of massachusetts for charitable purposes including relieving the poor and distressed and lessening the burdens of government through developing and managing affordable housing in the town of lexington in close coordination with the town. The organization was formed as an instrumentality of the town of lexington, massachusetts by chapter 521 of the commonwealth of massachusetts special acts of 1983. It was established as a nonprofit housing corporation, subject to the supervision of the board of selectmen of the town of lexington, for the purposes of "investigating and implementing alternatives for the provision of and providing affordable housing for persons of low, moderate and middle income, and others whose needs may be identified from time to time, in the town of lexington." the powers and duties of the nonprofit corporation were intended to be as supplemental to the powers and duties of the lexington housing authority. In 2024, it was determined that amending the organization's articles of organization such that it would no longer operate as an official instrumentality of the town of lexington would better further the purposes of the organization, facilitate the most efficient operation of the organization's activities, and best serve the community. The town of lexington and the commonwealth of massachusetts are in agreement with this change to the organization's articles of organization. In fact, the change was approved by the massachusetts legislature. However, the purposes of the organization continue to be closely linked to the town's intent and obligation to provide affordable housing to its low income residents, and the close working relationship between the town and the organization remains unchanged. The original charter, chapter 521 of the special acts of 1983, is included with this application, as well as chapter 192 of the special acts of 2024, which represents an amendment and restatement of the original charter. The organization was re-organized as an independent, nonprofit housing corporation by chapter 192 of the commonwealth of massachusetts special acts of 2024. Pursuant to chapter 192, the organization's corporate purposes were re-stated as "the creation and preservation of affordable housing in the town of lexington, including for the benefit of low and moderate income households and for the funding of community housing, as defined in chapter 44b of the general laws and affordable housing or community housing as defined in the general laws or in applicable regulations of the commonwealth." the powers and duties of the nonprofit corporation continue to be supplemental to the powers and duties of the lexington housing authority. Each member of the re-organized organization's board of directors must be a resident of the town of lexington, and while new board members are elected by the current board, they are subject to confirmation by the town of lexington select board.”