2014-11-17T11:53:43-08:00 2013-12-31 Maletta & Company 43 Enterprise Drive Bristol CT 060107457 990 2013-01-01 042622178 BRIGHTWOOD DEVELOPMENT CORPORATION BRIG 4137342144 2345 MAIN STREET SPRINGFIELD MA 01107 HERIBERTO FLORES President 2014-11-17 true MICHAEL A MALETTA CPA P00435529 8605826715 X 2013 2015-11-30 17:44:51Z 1451959 false false X N/A X 1977 MA TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. 5 4 6 0 922199 567457 805430 875888 6 112 1201 8502 1728836 1451959 0 0 218647 347413 0 0 922100 965844 1140747 1313257 588089 138702 5665172 5724677 3045157 2964440 2620015 2760237 X TO PROMOTE ECONOMIC AND COMMUNITY DEVELOPMENT IN THE SPRINGFIELD, MA AREA AND PUERTO RICO THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURIAL ACTIVITIES, AND HOUSING. false false 435525 379079 MEMORIAL SQUARE APARTMENTS - 40 UNIT MULTIPLE FAMILY HOUSING TO PROVIDE HOUSING TO LOW INCOME FAMILIES. 299086 BRIGHTWOOD DEVELOPMENT CORPORATION - TO PROMOTE ECONOMIC DEVELOPMENT IN THE SPRINGFIELD, MA AREA THROUGH ON-GOING ASSISTANCE AND SUPPORT IN THE AREAS OF JOB PLACEMENT, NEW AND EXISTING BUSINESS DEVELOPMENT, ENTREPRENEURSHIP, AND HOUSING. 252943 301200 VILLA TAINO APARTMENTS - 30 UNIT USDA RD RURAL HOUSING MULTIPLE FAMILY HOUSING PROPERTY TO PROVIDE SUBSIDIZED HOUSING TO AREA FARM WORKERS AND THEIR FAMILIES. 245481 195280 1233035 true true false false false false false false false false true false false true true true false true false false false false false false false false false false false true false false false false false false true false false false false false false false false false true false false false false true 16 0 true 6 true false false false false false false false false 0 false false false false false false false false false false X 5 4 false false false false false false false false false false false true false false false false false false false false X MAGGIE RIVERA 4137463844 2460 MAIN ST SUITE 112 SPRINGFIELD MA 01107 HERIBERTO FLORES President 15.00 40.50 X X 0 291030 0 CECILIO RIVERA Treasurer 2.00 0.00 X X 0 0 0 LUZ DEJESUS Clerk 2.00 0.00 X X 0 0 0 VANESSA OTERO Vice President 2.00 40.00 X X 0 94271 0 RUSSELL OMER Chairman 2.00 0.00 X 0 0 0 385301 0 false true false BUKOWSKI CONSTRUCTION LLC 1307 TINKHAM ROAD WILBRAHAM MA 01095 CONSTRUCTION 0 567457 567457 LA PLAZA DEL MERCADO 531120 195280 195280 MEMORIAL SQUARE APARTMENT 531110 379109 379079 30 VILLA TAINO 531110 301499 301200 299 875888 112 112 0 0 0 0 0 0 0 OTHER INCOME 531190 8502 8502 8502 1451959 884061 441 0 0 0 0 0 0 287665 287665 0 42159 42159 17589 17589 47646 46862 784 6794 6794 27250 17250 10000 0 0 0 0 2606 2606 45704 43376 2328 0 0 313124 311076 2048 8943 8943 0 0 108713 102375 6338 0 148511 131046 17465 0 REPAIRS & MAINTENANCE 126653 123653 3000 PROJECT COSTS 45111 44656 455 BOOKKEEPING 26596 7396 19200 PROGRAM EXPENSE 16758 16758 41435 39589 1846 1313257 1233035 80222 0 88399 82545 0 112208 17234 70853 50498 0 0 0 0 6836 7047 6805906 3065192 3877585 3740714 15890 17410 0 0 0 1493401 1809229 5665172 5724677 399002 377154 40438 26471 2574540 2528508 31177 32307 3045157 2964440 X 2620015 2760237 2620015 2760237 5665172 5724677 138702 1520 X false true X false false X 65760 39900 913764 922199 567457 2509080 0 0 65760 39900 913764 922199 567457 2509080 0 2509080 545 412 976 533 441 2907 0 1200 1300 2275 1200 1200 7175 2519162 798010 0.99600 0.99000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 448397 448397 6032123 2996105 3036018 174678 8734 165944 140911 55134 85777 9797 5219 4578 3740714 CONSTRUCTION IN PROGRESS 1597727 MORTGAGE COSTS 27934 RESERVE AND ESCROW DEPOSITS 150745 TENANT SECURITY DEPOSITS 31823 1809229 DEPOSITS PAYABLE 32307 32307 X 1453479 1520 1520 1451959 1451959 1313257 1313257 1313257 Part X : FIN48 Footnote Under provisions of the U.S. Internal Revenue Code, section 501(c)(3), BDC is exempt from taxes on income, other than unrelated business income, and accordingly does not record a provision for income taxes on its related earnings. In June 2006, a new accounting interpretation was issued regarding accounting for uncertainty income taxes which prescribes how an entity should measure, recognize, present and disclose positions that it has taken or expects to take on its tax or information returns. The effect of the implementation of this guidance was not material to the financial statements.BDC regularly reviews and evaluates its tax positions taken in previously filed information returns and as reflected in its financial statements, with regard to issues affecting its tax exempt status, unrelated business income, and related matters. It believes that in the event of an examination by taxing authorities, its positions would prevail based on the technical merits of such positions. Therefore, BDC has concluded that no tax benefits or liabilities are required to be recognized. false false false false false false false false false false HERIBERTO FLORES President 291030 291030 FLORES DEVELOPMENT LLC MEMORIAL SQUARE APARTMENTS X 438364 false true true FLORES DEVELOPMENT LLC MEMORIAL SQUARE LIHTC DEVELOPERS FEE X 176203 false true true Schedule L, Part V Supplemental Information IN 1984, BRIGHTWOOD DEVELOPMENT CORPORATION RENOVATED THROUGH A TAX SHELTER LIMITED PARTNERSHIP, THE MEMORIAL SQUARE APARTMENTS. IN SEPTEMBER 2004, THE PROPERTY A THEN "BURNED OUT" TAX SHELTER WAS PUT IN FORCED FORECLOSURE BY DEBT HOLDERS. BRIGHTWOOD DID NOT HAVE AVAILABLE FINANCIAL RESOURCES TO PURCHASE THE PROPERTY. THE COMMUNITY WAS IN JEOPARDY OF LOSING LOCAL CONTROL OF THE PROPERTY AND AFFORDABLE HOUSING FOR 40 LOW INCOME FAMILIES. A PLAN WAS PUT IN EFFECT BY THE BOARD OF DIRECTORS TO PURCHASE THE PROPERTY THROUGH FORECLOSURE BY A MEMBER OF THE BOARD OF DIRECTORS TO RETAIN LOCAL CONTROL AND THEN TO TRANSFER THE PROPERTY BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION. THE PLAN WAS EXECUTED AND THE PROPERTY PURCHASED THROUGH FORECLOSURE ON NOVEMBER 4, 2004. THE PROPERTY WAS CLEARED OF ALL LIENS AND ALL DEBT, SUBMITTED FOR LOW INCOME HOUSING TAX CREDIT (LIHTC) FEDERAL RENOVATION PROGRAM (WHICH IT SHOULD RECEIVE ACCEPTANCE IN THE BEGINNING OF 2013) AND TRANSFERRED BACK TO BRIGHTWOOD DEVELOPMENT CORPORATION WITH CLEAN TITLE AT TAX CREDIT COST BASIS. PART OF THAT COST BASIS TRANSFER INCLUDED A LOAN FROM THE BOARD MEMBER OF $176,203 FOR ACTUAL COSTS INCURRED.BRIGHTWOOD DEVELOPMENT CORPORATION DID NOT INCUR ANY EXPENSES ON THIS TRANSACTION AND THE RETURN OF THE PROPERTY TRANSACTION WAS DONE WITH NO PROFIT TO THE BOARD MEMBER AND THE BOARD MEMBER FINANCED LOAN TO BRIGHTWOOD DEVELOPMENT CORPORATION IS AT 0% INTEREST, WITH ZERO REPAYMENT SCHEDULE FOR PRINCIPAL. THE PRINCIPAL WILL BE PAID AT LOW INCOME HOUSING TAX CREDIT CLOSING WITH PROCEEDS FROM THE CLOSING OF THIS TRANSACTION.IN ADDITION TO BRIGHTWOOD DEVELOPMENT CORPORATION, THE LOCAL COMMUNITY DEVELOPMENT CORPORATION MAINTAINING LOCAL CONTROL AND OWNERSHIP OF THE PROPERTY IT WILL RECEIVE A DEVELOPERS FEE FOR THE LIHTC RENOVATIONS UPON COMPETITION OF THE RENOVATIONS TO FURTHER ITS MISSION OF PROVIDING AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT TO THE LOCAL COMMUNITY.IF AND WHEN BRIGHTWOOD DEVELOPMENT CORPORATION RECEIVES A DEVELOPER FEE A PORTION OF THAT FEE WOULD REPAY THE LOAN OF $438,364 (ALSO AT 0% INTEREST, WITH NO REPAYMENT PLAN FOR PRINCIPAL) FROM THE BOARD MEMBER FOR DEVELOPMENT COSTS,EXPENSES AND THE BOARD MEMBERS SHARE OF THE DEVELOPMENT FEE FOR THE TAX CREDIT APPLICATION PROCESS THAT ARE NOT ELIGIBLE FOR TAX CREDIT COST BASIS AND ARE ONLY REIMBURSEABLE FROM DEVELOPERS FEES. IF THE DEVELOPMENT FEE IS NOT RECEIVED OR NOT SUFFICIENT TO COVER THE LOAN FROM THE BOARD MEMBER THE LOAN WILL BE FORGIVEN BY THE BOARD MEMBER. Form 990, Part III, Line 4d: Other Program Services Description OTHER PROGRAM SERVICES 4: LA PLAZA - 12 COMMERCIAL RENTAL UNITS TO PROVIDE ECONOMIC DEVELOPMENT IN THE NORTH END OF SPRINGFIELD, MA. Form 990, Part VI, Line 11b: Form 990 Review Process THE FORM 990 WAS REVIEWED BY MEMBERS OF THE BOARD OF DIRECTORS. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available APPLICABLE DOCUMENTS ARE MADE AVAILABLE UPON WRITTEN REQUEST TO BRIGHTWOOD DEVELOPMENT CORPORATION AND ARE MADE AVAILABLE BASED ON CURRENT REGULATIONS. PARTNERS FOR COMMUNITY 11-13 HAMPDEN STREET SPRINGFIELD MA 01103 043397486 NONPROFIT MANAGEMENT SERVICES MA 501(C)(3) 9 N/A false NEW ENGLAND FARM WORKERS COUNCIL INC 11-13 HAMPDEN STREET SPRINGFIELD MA 01103 060872959 HUMAN SERVICE, ECONOMIC DEVELOPMENT ORG MA 501(C)(3) 9 N/A false EL CENTRO DE SALUD MEDICO INC 2460 Main St Suite 112 SPRINGFIELD MA 01107 043269592 MEDICAL CENTER MA BRIGHTWOOD DEVELOPMENT CORPORATION C corp 1.00000 false false false false false true false false false false false false false false false false false false false false PARTNERS FOR COMMUNITY e 1570 FMV NEW ENGLAND FARM WORKERS COUNCIL INC e 80544 FMV