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      <ReconcilationRevenueExpenses>327538</ReconcilationRevenueExpenses>
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      <MethodOfAccountingAccrual>X</MethodOfAccountingAccrual>
      <AccountantCompileOrReview>0</AccountantCompileOrReview>
      <FSAudited>1</FSAudited>
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          <State>RESTRICTED</State>
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      <Buildings>
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        <BookValue>5173128</BookValue>
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        <BookValue>86823</BookValue>
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      <Equipment>
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        <Depreciation>485450</Depreciation>
        <BookValue>238449</BookValue>
      </Equipment>
      <OtherLandBuildings>
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        <Depreciation>420285</Depreciation>
        <BookValue>200612</BookValue>
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      <TotalOfBookValueLandBuildings>6324327</TotalOfBookValueLandBuildings>
      <TotalRevenue>11946131</TotalRevenue>
      <TotalExpenses>11618593</TotalExpenses>
      <ExcessOrDeficitForYear>327538</ExcessOrDeficitForYear>
      <TotalAdjustments>0</TotalAdjustments>
      <ExcessOrDeficitPerFS>327538</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>11946131</TotRevenueEtcAuditedFinclStmt>
      <RevenueNotRptdF990>0</RevenueNotRptdF990>
      <RevenueSubtotal>11946131</RevenueSubtotal>
      <RevenueNotRptdOnFinStmt>0</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>11946131</TotalRevenuePerForm990>
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      <ExpensesNotRptdF990>0</ExpensesNotRptdF990>
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        <Identifier>DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:</Identifier>
        <ReturnReference>PART X:</ReturnReference>
        <Explanation>MANAGEMENT DOES NOT BELIEVE THE ORGANIZATION'S FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS. GENERALLY, THE ORGANIZATION'S TAX RETURNS REMAIN OPEN FOR EXAMINATION FOR A PERIOD OF THREE YEARS.</Explanation>
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      <PolicyStatementInBrochuresEtc>1</PolicyStatementInBrochuresEtc>
      <PolicyPublViaBroadcastMedia>1</PolicyPublViaBroadcastMedia>
      <MaintRacialCompositionRecords>1</MaintRacialCompositionRecords>
      <MaintScholarshipsRecords>1</MaintScholarshipsRecords>
      <MaintCopiesOfBrochuresEtc>1</MaintCopiesOfBrochuresEtc>
      <MaintCopiesOfAllSolicitations>1</MaintCopiesOfAllSolicitations>
      <DiscriminateRaceStudentsRights>0</DiscriminateRaceStudentsRights>
      <DiscriminateRaceAdmissPolicies>0</DiscriminateRaceAdmissPolicies>
      <DiscriminateRaceEmplmnFaculty>0</DiscriminateRaceEmplmnFaculty>
      <DiscriminateRaceScholarships>0</DiscriminateRaceScholarships>
      <DiscriminateRaceEducPolicies>0</DiscriminateRaceEducPolicies>
      <DiscriminateRaceUseOfFclts>0</DiscriminateRaceUseOfFclts>
      <DiscriminateRaceAthleticProg>0</DiscriminateRaceAthleticProg>
      <DiscriminateRaceOtherActy>0</DiscriminateRaceOtherActy>
      <GovernmentFinancialAidReceived>0</GovernmentFinancialAidReceived>
      <GovernmentFinancialAidRevoked>0</GovernmentFinancialAidRevoked>
      <ComplianceWithRevProc7550>1</ComplianceWithRevProc7550>
      <Form990ScheduleEPartII>
        <Identifier>EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION</Identifier>
        <ReturnReference>SCHEDULE E, PART I, LINE 3</ReturnReference>
        <Explanation>NEWSPAPER NOTICE</Explanation>
      </Form990ScheduleEPartII>
    </IRS990ScheduleE>
    <IRS990ScheduleK documentId="RetDoc1053100001">
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        <IssuerName>
          <BusinessNameLine1>MASSACHUSETTS DEVELOPMENT FINANCE AGENCY</BusinessNameLine1>
        </IssuerName>
        <IssuerEIN>043431814</IssuerEIN>
        <DateIssued>2008-09-17</DateIssued>
        <IssuePrice>4000000</IssuePrice>
        <DescriptionOfPurpose>CONSTRUCTION OF NEW DAYCARE CENTER ON GRANITE STREET WORCESTER, MA</DescriptionOfPurpose>
        <Defeased>0</Defeased>
        <OnBehalfOfIssuer>0</OnBehalfOfIssuer>
        <PoolFinancing>0</PoolFinancing>
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        <IssuanceCostsFromProceeds>56900</IssuanceCostsFromProceeds>
        <CapitalExpenditures>3943100</CapitalExpenditures>
        <YearOfSubstCompletion>2009</YearOfSubstCompletion>
        <CurrentRefunding>0</CurrentRefunding>
        <AdvanceRefunding>0</AdvanceRefunding>
        <FinalAllocationMade>1</FinalAllocationMade>
        <AdequateBooksAndRecdsMaintaind>1</AdequateBooksAndRecdsMaintaind>
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        <AnyLeaseArrangements>0</AnyLeaseArrangements>
        <MngmentCntrctBondFinancdPrprty>0</MngmentCntrctBondFinancdPrprty>
        <AnyResearchAgreements>0</AnyResearchAgreements>
        <BondCounselRoutinelyEngaged>0</BondCounselRoutinelyEngaged>
        <PostIssuanceComplianceProcdrs>0</PostIssuanceComplianceProcdrs>
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        <VariableRateIssue>0</VariableRateIssue>
        <HedgeIdentifiedInBooksAndRecds>0</HedgeIdentifiedInBooksAndRecds>
        <GrossProceedsInvestedInGIC>0</GrossProceedsInvestedInGIC>
        <GrossProceedsInvested>0</GrossProceedsInvested>
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    <IRS990ScheduleO documentId="RetDoc1044400001">
      <GeneralExplanation>
        <Identifier>FORM 990, PART VI, SECTION B, LINE 11</Identifier>
        <Explanation>A COPY OF THE FORM 990 IS PROVIDED TO THE ORGANIZATION FOR REVIEW AND APPROVAL BY MANAGEMENT AND THE BOARD OF DIRECTORS. UPON COMPLETION OF THE REVIEW AND THE APPROVAL PROCESS, THE "EXEMPT ORGANIZATION DECLARATION AND SIGNATURE FOR ELECTRONIC FILING" FORM IS SIGNED BY A BOARD MEMBER AND RETURNED TO THE ACCOUNTANT'S OFFICE. ONCE RECEIVED BY THE ACCOUNTANT'S OFFICE, THE RETURN IS FILED ELECTRONICALLY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE CONFLICT OF INTEREST POLICY IS SIGNED ANNUALLY AND MONITORED THROUGHOUT THE YEAR BY THE BOARD OF DIRECTORS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>COMPARABLE DATA IS OBTAINED FROM SIMILAR POSITIONS WITHIN SIMILAR ORGANIZATIONS IN THE AREA.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 18</ReturnReference>
        <Explanation>DOCUMENTS ARE AVAILABLE ON MASSACHUSETTS STATE GOVERNMENT WEBSITES AND UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUESTS FROM THE ORGANIZATION.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>