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        <Personal>0</Personal>
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      <NetGainOrLossInvestments>
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      <NetIncomeFromFundraisingEvents>
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      <OtherRevenueMisc>
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      <GrantsToDomesticIndividuals>
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      <BenefitsToMembers>
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      <ThirtyThreePercntTestsCY509>X</ThirtyThreePercntTestsCY509>
    </IRS990ScheduleA>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmts />
      <HeldWorksOfArtAmts />
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      <Buildings>
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        <Depreciation>2394571</Depreciation>
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      </Equipment>
      <OtherLandBuildings>
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      <TotalOfBookValueLandBuildings>7290041</TotalOfBookValueLandBuildings>
      <FederalIncomeTaxLiability>0</FederalIncomeTaxLiability>
      <OtherLiabilities>
        <Description>VARIOUS WITHOLDINGS</Description>
        <Amount>37115</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>37115</TotalOfAmounts>
      <FootnoteInPartXIII>X</FootnoteInPartXIII>
      <Form990ScheduleDPartXIII>
        <Identifier>FORM 990, SCHEDULE D, PAGE 3, PART X, LINE 2</Identifier>
        <ReturnReference>FOOTNOTE TEXT RE UNCERTAIN TAX POSITIONS</ReturnReference>
        <Explanation>Valley Opportunity Council, Inc. follows the accounting interpretation regarding accounting for uncertainty in income taxes which prescribes how entities should measure, recognize, present and disclose positions that it has taken or expects to take on its tax or information returns. Valley Opportunity Council, Inc. believes that in the event of an examination by taxing authorities, the tax positions taken in previously filed tax and information returns and as reflected in its financial statements, with regard to issues affecting tax status, unrelated business income, and other matters, would prevail based upon the technical merits of such positions. Therefore, Valley Opportunity Council, Inc. has concluded that no tax benefits or liabilities are required to be recognized. Valley Opportunity Council, Inc.'s open tax periods are 2009 through 2012. Penalties and interest, if any, assessed by taxing authorities will be included in expenses.</Explanation>
      </Form990ScheduleDPartXIII>
    </IRS990ScheduleD>
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          <BusinessNameLine1>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</BusinessNameLine1>
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        <IssuerEIN>043438140</IssuerEIN>
        <DateIssued>2007-06-01</DateIssued>
        <IssuePrice>2835000</IssuePrice>
        <DescriptionOfPurpose>BUILDING ACQUISITION &amp; REHABI</DescriptionOfPurpose>
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        <OnBehalfOfIssuer>false</OnBehalfOfIssuer>
        <PoolFinancing>true</PoolFinancing>
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        <AmountRetired>0</AmountRetired>
        <AmountBondDefeased>0</AmountBondDefeased>
        <TotalProceeds>2835000</TotalProceeds>
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        <RefundingEscrow>0</RefundingEscrow>
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        <CreditEnhancement>0</CreditEnhancement>
        <WorkingCapitalExpenditures>0</WorkingCapitalExpenditures>
        <CapitalExpenditures>2835000</CapitalExpenditures>
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        <AmountUnspent>0</AmountUnspent>
        <YearOfSubstCompletion>2008</YearOfSubstCompletion>
        <CurrentRefunding>false</CurrentRefunding>
        <AdvanceRefunding>false</AdvanceRefunding>
        <FinalAllocationMade>true</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>true</AdequateBooksAndRecdsMaintaind>
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        <BondReferenceCd>A</BondReferenceCd>
        <PrcntgePrvtBusinessUseByOthers>0.00000</PrcntgePrvtBusinessUseByOthers>
        <PercentageOfPrvtBusinessReUBI>0.00000</PercentageOfPrvtBusinessReUBI>
        <TotalPrivateBusinessUse>0.00000</TotalPrivateBusinessUse>
      </Form990ScheduleKPartIII>
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        <BondReferenceCd>A</BondReferenceCd>
        <NameOfHedgeProvider>
          <BusinessNameLine1>0</BusinessNameLine1>
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        <BondReferenceCd>A</BondReferenceCd>
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    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 6, PART VI, SECTION B, QUESTION 11B</Identifier>
        <ReturnReference>PROCESS TO REVIEW FORM 990</ReturnReference>
        <Explanation>THE FORM 990 IS PRESENTED TO THE FINANCE COMMITTEE FOR REVIEW AND RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR APPROVAL PRIOR TO THE FORM 990 BEING FILED.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 6, PART VI, SECTION B, QUESTION 12C</Identifier>
        <ReturnReference>PROCESS FOR MONITORING COMPLIANCE WITH CONFLICT OF INTEREST POLICY</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED ANNUALLY TO KEY EMPLOYEES AND BOARD MEMBERS TO READ AND SIGN OFF ON THE POLICY. OFFICERS AND DIRECTORS ABSTAIN FROM VOTING ON ITEMS THAT MAY BE INTERPRETED AS A CONFLICT OF INTEREST. DISCLOSURE IS MADE IN THE AUDITED FINANCIAL STATEMENTS OF ANY RELATED PARTY TRANSACTIONS. THE EXECUTIVE DIRECTOR MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY ON AN ON-GOING BASIS THROUGH OUT THE YEAR.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 6, PART VI, SECTION B, QUESTION 15A</Identifier>
        <ReturnReference>PROCESS FOR DETERMINING COMPENSATION OF EXECUTIVE DIRECTOR</ReturnReference>
        <Explanation>AN ANNUAL PERFORMANCE EVALUATION IS PERFORMED BY THE PERSONNEL COMMITTEE AND THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. HUMAN RESOURCES PERFORMS A SALARY SURVEY OF SIMILAR EXECUTIVE DIRECTOR SALARIES IN THE AREA. THE COMMITTEES THEN RECOMMEND A SALARY, WHICH IS APPROVED BY THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 6, PART VI, SECTION C, QUESTION 19</Identifier>
        <ReturnReference>DISCLOSURE OF GOVERNING DOCUMENTS</ReturnReference>
        <Explanation>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST OF THE INTERESTED PARTY. THE UNIFORM FINANCIAL REPORT IS ALSO MADE AVAILABLE TO THE PUBLIC ON THE OPERATIONAL SERVICES DIVISION'S (OSD) WEBSITE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 2, PART III, QUESTION 4D</Identifier>
        <ReturnReference>OTHER PROGRAM SERVICES</ReturnReference>
        <Explanation>VOC IS A COMMUNITY ACTION ORGANIZATION PROVIDING PROGRAMS FOR THE ELDERLY AND CHILDREN INCLUDING HEALTH AND EDUCATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>FORM 990, PAGE 12, PART XI, LINE 9</Identifier>
        <ReturnReference>OTHER CHANGES IN NET ASSETS OR FUND BALANCES</ReturnReference>
        <Explanation>LOSS ON INVESTMENT IN JOINT VENTURE $(175,686) FORGIVENESS OF DEBT RELATED TO INVESTMENT IN JOINT VENTURE $ 175,756</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>CABOTVILLE COMMON LIMITED PARTNERSHIP</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>300 HIGH STREET</AddressLine1>
          <City>HOLYOKE</City>
          <State>MA</State>
          <ZIPCode>01040</ZIPCode>
        </AddressUS>
        <EIN>043331253</EIN>
        <PrimaryActivity>LOW INC HOUSING</PrimaryActivity>
        <LegalDomicileState>MA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <PredominantIncomeType>RELATED</PredominantIncomeType>
        <ShareOfTotalIncome>0</ShareOfTotalIncome>
        <ShareOfEOYAssets>0</ShareOfEOYAssets>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>false</GeneralOrManagingPartner>
        <PercentageOwnership>0.00010</PercentageOwnership>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIII>
        <NameOfRelatedOrg>
          <BusinessNameLine1>CABOTVILLE COMMON LIMITED PARTNER LLC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>300 HIGH STREET</AddressLine1>
          <City>HOLYOKE</City>
          <State>MA</State>
          <ZIPCode>01040</ZIPCode>
        </AddressUS>
        <EIN>461615661</EIN>
        <PrimaryActivity>LOW INC HOUSING</PrimaryActivity>
        <LegalDomicileState>MA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>VALLEY OPPORTUN</BusinessNameLine1>
        </DirectControllingEntityName>
        <PredominantIncomeType>RELATED</PredominantIncomeType>
        <ShareOfTotalIncome>0</ShareOfTotalIncome>
        <ShareOfEOYAssets>0</ShareOfEOYAssets>
        <DisproportionateAllocations>false</DisproportionateAllocations>
        <GeneralOrManagingPartner>true</GeneralOrManagingPartner>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIII>
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>CABOTVILLE COMMON INC</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>300 HIGH STREET</AddressLine1>
          <City>HOLYOKE</City>
          <State>MA</State>
          <ZIPCode>01040</ZIPCode>
        </AddressUS>
        <EIN>043302086</EIN>
        <PrimaryActivity>REAL ESTATE D</PrimaryActivity>
        <LegalDomicileState>MA</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORP</TypeOfEntity>
        <ShareOfTotalIncome>-28</ShareOfTotalIncome>
        <ShareOfEOYAssets>2681</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>true</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>CABOTVILLE COMMON LIMITED PARTNERSHIP</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>D</TransactionType>
        <AmountInvolved>623149</AmountInvolved>
        <MethodOfAmtDetermination>FAIR VALUE</MethodOfAmtDetermination>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>