﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-17T14:16:42-06:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>050405576</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>OTRANDO PORCARO &amp; ASSOCIATES LTD</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2258 POST ROAD</AddressLine1Txt>
        <CityNm>WARWICK</CityNm>
        <StateAbbreviationCd>RI</StateAbbreviationCd>
        <ZIPCd>02886</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>262699081</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BLACKSTONE VALLEY DEVELOPMENT CORP</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>BLAC</BusinessNameControlTxt>
      <PhoneNum>4017270150</PhoneNum>
      <USAddress>
        <AddressLine1Txt>500 PROSPECT STREET</AddressLine1Txt>
        <CityNm>PAWTUCKET</CityNm>
        <StateAbbreviationCd>RI</StateAbbreviationCd>
        <ZIPCd>02860</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOHN J PADIEN III</PersonNm>
      <PersonTitleTxt>EXECUTIVE DIRECTOR</PersonTitleTxt>
      <PhoneNum>4017270150</PhoneNum>
      <SignatureDt>2025-11-17</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>GREGORY PORCARO CPAABV MST</PreparerPersonNm>
      <PTIN>P00633303</PTIN>
      <PhoneNum>4017399250</PhoneNum>
      <PreparationDt>2025-11-17</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="13">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>10524920</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>83259</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>83259</DividendsNetInvstIncmAmt>
        <GrossRentsRevAndExpnssAmt>465058</GrossRentsRevAndExpnssAmt>
        <NetRentalIncomeOrLossAmt>-71651</NetRentalIncomeOrLossAmt>
        <NetGainSaleAstRevAndExpnssAmt>29728</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>29728</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>29728</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">5050</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>5050</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>583095</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>118037</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>48674</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>0</OthEmplSlrsWgsNetInvstIncmAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>0</OthEmplSlrsWgsDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">28408</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">14613</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>12126</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">48679</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>0</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>32679</OtherProfFeesDsbrsChrtblAmt>
        <InterestRevAndExpnssAmt>33822</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>0</InterestNetInvstIncmAmt>
        <InterestDsbrsChrtblAmt>33822</InterestDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">24869</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>24869</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="RetDoc2203000001">157352</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>0</DeprecAndDpltnNetInvstIncmAmt>
        <OccupancyRevAndExpnssAmt>163372</OccupancyRevAndExpnssAmt>
        <OccupancyNetInvstIncmAmt>0</OccupancyNetInvstIncmAmt>
        <OccupancyDsbrsChrtblAmt>163372</OccupancyDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>4026</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>4026</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">108649</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>4189</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>91826</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>632464</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>29058</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>337851</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>632464</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>29058</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>337851</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-49369</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>88979</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>108503</CashBOYAmt>
        <CashEOYAmt>77823</CashEOYAmt>
        <CashEOYFMVAmt>77823</CashEOYFMVAmt>
        <AcctRcvblBOYAmt>1800</AcctRcvblBOYAmt>
        <PrepaidExpensesBOYAmt>3936</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>4002</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>4002</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>1986334</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">1354511</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1377747</CorporateStockEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>8125335</InvstLandCostOrOtherBasisAmt>
        <InvstLandAccumDepreciationAmt>1908195</InvstLandAccumDepreciationAmt>
        <LandBldgInvestmentsBOYAmt>712156</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt referenceDocumentId="RetDoc2059100001">6217140</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>6217140</LandBldgInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">7727677</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">2848208</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">2848208</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>10540406</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>10501684</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>10524920</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>461252</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>43395</AccountsPayableEOYAmt>
        <DeferredRevenueBOYAmt>3119</DeferredRevenueBOYAmt>
        <MortgagesAndNotesPayableBOYAmt>1218569</MortgagesAndNotesPayableBOYAmt>
        <MortgagesAndNotesPayableEOYAmt>209662</MortgagesAndNotesPayableEOYAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc2065700001">827522</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc2065700001">2244816</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>2510462</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>2497873</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>8029944</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>8003811</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>8029944</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>8003811</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>10540406</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>10501684</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>8029944</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-49369</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">23236</OtherIncreasesAmt>
        <SubtotalAmt>8003811</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>8003811</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - NET CAPITAL GAIN (LT)</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>29728</GrossSalesPriceAmt>
          <GainOrLossAmt>29728</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>29728</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>29728</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>1237</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>1237</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>1237</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>1640</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>1640</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>403</OverpaymentAmt>
        <AppliedToESTaxAmt>403</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>RI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.THEBVDC.ORG</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>JORGE VICENCIO</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>4017270150</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>500 PROSPECT STREET</AddressLine1Txt>
          <CityNm>PAWTUCKET</CityNm>
          <StateAbbreviationCd>RI</StateAbbreviationCd>
          <ZIPCd>02860</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM J SZAFAROWICZ</PersonNm>
          <USAddress>
            <AddressLine1Txt>4 OLD COACH ROAD</AddressLine1Txt>
            <CityNm>WILBRAHAM</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01095</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOSEPH F MCENNESS</PersonNm>
          <USAddress>
            <AddressLine1Txt>68 PRAIRIE AVENUE</AddressLine1Txt>
            <CityNm>NEWPORT</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02840</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KATHLEEN ONEILL</PersonNm>
          <USAddress>
            <AddressLine1Txt>42 FAIRHAVEN ROAD</AddressLine1Txt>
            <CityNm>CUMBERLAND</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02864</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOSEPH F MCENNESS</PersonNm>
          <USAddress>
            <AddressLine1Txt>68 PRAIRIE AVENUE</AddressLine1Txt>
            <CityNm>NEWPORT</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02840</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>THOMAS HODGE</PersonNm>
          <USAddress>
            <AddressLine1Txt>53 WILTON AVENUE</AddressLine1Txt>
            <CityNm>PAWTUCKET</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02861</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PAUL BENOIT</PersonNm>
          <USAddress>
            <AddressLine1Txt>412 45TH STREET</AddressLine1Txt>
            <CityNm>ASTORIA</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97103</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN J PADIEN III</PersonNm>
          <USAddress>
            <AddressLine1Txt>500 PROSPECT STREET</AddressLine1Txt>
            <CityNm>PAWTUCKET</CityNm>
            <StateAbbreviationCd>RI</StateAbbreviationCd>
            <ZIPCd>02860</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.25</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1518563</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>93163</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1611726</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1611726</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>24176</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1587550</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>79378</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>79378</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>1237</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>1237</TotalTaxAmt>
        <DistributableBeforeAdjAmt>78141</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>78141</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>78141</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>337851</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>337851</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>78141</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr1Amt>320518</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>320518</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>337851</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>78141</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>259710</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>580228</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>580228</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear1Amt>320518</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>259710</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <TotalGrantOrContriPdDurYrAmt>0</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>83259</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>-71651</ExclusionAmt>
        </NetRntlIncmReDebtFincdPropGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>29728</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MISC INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>5050</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>46386</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>46386</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>14613</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>12126</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc2203000001">
      <DepreciationPropertyGrp>
        <PropertyDesc>APPLIANCES</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>2244</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2244</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - APPLIANCES (SEARS)</PropertyDesc>
        <AcquiredDt>2010-01-20</AcquiredDt>
        <CostOrOtherBasisAmt>1450</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1450</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - APPLIANCES (SEARS)</PropertyDesc>
        <AcquiredDt>2010-03-22</AcquiredDt>
        <CostOrOtherBasisAmt>1016</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1016</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LAND</PropertyDesc>
        <AcquiredDt>2009-12-30</AcquiredDt>
        <CostOrOtherBasisAmt>154800</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING</PropertyDesc>
        <AcquiredDt>2009-12-30</AcquiredDt>
        <CostOrOtherBasisAmt>635335</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>323442</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>23103</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>23103</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LAND IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>13844</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>12384</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>15.000000000000</LifeRt>
        <CurrentYearExpenseAmt>923</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>923</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CARPETING</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>10286</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>10286</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DECKING</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>9944</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>9944</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - DESLANDES CONSTRUCTION</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>250326</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>122132</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>9103</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>9103</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - AT ACQUISITION</PropertyDesc>
        <AcquiredDt>2009-12-30</AcquiredDt>
        <CostOrOtherBasisAmt>92109</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>46886</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>3349</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>3349</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>12250</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>5970</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>445</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>445</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>2250</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1100</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>82</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>82</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - ENGINEERING</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>965</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>470</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>35</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>35</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - DEVELOPER FEE</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>22894</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>11176</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>833</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>833</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (TITLE COSTS)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>125</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>67</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>5</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>5</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>1125</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>550</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>41</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>41</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>1125</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>550</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>41</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>41</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>3500</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1704</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>127</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>127</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS (DESIGN)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>500</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>242</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>18</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>18</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - DEVELOPER FEE</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>31670</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>15456</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>1152</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>1152</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - CAPITALIZED INTEREST</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>7855</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3837</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>286</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>286</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS - SOFT COSTS</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>11499</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>5608</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>418</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>418</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS (DEVELOPER FEE)</PropertyDesc>
        <AcquiredDt>2010-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>21224</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>10812</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>772</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>772</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER - JACK</PropertyDesc>
        <AcquiredDt>2014-05-22</AcquiredDt>
        <CostOrOtherBasisAmt>3556</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3556</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER - AT</PropertyDesc>
        <AcquiredDt>2014-10-07</AcquiredDt>
        <CostOrOtherBasisAmt>1664</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1664</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PRINTER - KRIS</PropertyDesc>
        <AcquiredDt>2014-06-16</AcquiredDt>
        <CostOrOtherBasisAmt>666</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>666</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER - AT</PropertyDesc>
        <AcquiredDt>2015-02-09</AcquiredDt>
        <CostOrOtherBasisAmt>1045</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1045</PriorYearDepreciationAmt>
        <ComputationMethodTxt>ADS</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER - HOLLY</PropertyDesc>
        <AcquiredDt>2015-07-23</AcquiredDt>
        <CostOrOtherBasisAmt>1632</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1632</PriorYearDepreciationAmt>
        <ComputationMethodTxt>ADS</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER</PropertyDesc>
        <AcquiredDt>2017-03-03</AcquiredDt>
        <CostOrOtherBasisAmt>1710</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1544</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>HOT WATER HEATER</PropertyDesc>
        <AcquiredDt>2019-01-24</AcquiredDt>
        <CostOrOtherBasisAmt>1460</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>718</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>10.000000000000</LifeRt>
        <CurrentYearExpenseAmt>146</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>146</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DESK</PropertyDesc>
        <AcquiredDt>2021-12-10</AcquiredDt>
        <CostOrOtherBasisAmt>3520</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2316</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>482</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>704</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2022-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>9350</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>510</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>27.500000000000</LifeRt>
        <CurrentYearExpenseAmt>340</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>340</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LAND</PropertyDesc>
        <AcquiredDt>2017-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>2246462</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
        <CurrentYearExpenseAmt>0</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING</PropertyDesc>
        <AcquiredDt>2017-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>4426877</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1145439</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>39.000000000000</LifeRt>
        <CurrentYearExpenseAmt>113510</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>113510</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2022-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>8333</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>427</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>39.000000000000</LifeRt>
        <CurrentYearExpenseAmt>214</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>214</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2023-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>101890</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2612</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>39.000000000000</LifeRt>
        <CurrentYearExpenseAmt>2613</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>2613</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2023-12-01</AcquiredDt>
        <CostOrOtherBasisAmt>4033</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>26</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>39.000000000000</LifeRt>
        <CurrentYearExpenseAmt>103</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>103</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2024-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>21883</CostOrOtherBasisAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>39.000000000000</LifeRt>
        <CurrentYearExpenseAmt>281</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>281</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER</PropertyDesc>
        <AcquiredDt>2024-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>2918</CostOrOtherBasisAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>5.000000000000</LifeRt>
        <CurrentYearExpenseAmt>292</CurrentYearExpenseAmt>
        <NetInvestmentIncomeAmt>292</NetInvestmentIncomeAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>INVESTMENTS IN MARKETABLE SECURITIES</StockNm>
        <EOYBookValueAmt>1354511</EOYBookValueAmt>
        <EOYFMVAmt>1377747</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc2059100001">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>APPLIANCES</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2244</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2244</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - APPLIANCES (SEARS)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1450</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1450</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - APPLIANCES (SEARS)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1016</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1016</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>154800</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>154800</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>635335</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>346545</AccumulatedDepreciationAmt>
        <BookValueAmt>288790</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>13844</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>13307</AccumulatedDepreciationAmt>
        <BookValueAmt>537</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>CARPETING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>10286</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>10286</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>DECKING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>9944</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>9944</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - DESLANDES CONSTRUCTION</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>250326</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>131235</AccumulatedDepreciationAmt>
        <BookValueAmt>119091</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - AT ACQUISITION</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>92109</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>50235</AccumulatedDepreciationAmt>
        <BookValueAmt>41874</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>12250</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>6415</AccumulatedDepreciationAmt>
        <BookValueAmt>5835</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2250</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1182</AccumulatedDepreciationAmt>
        <BookValueAmt>1068</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - ENGINEERING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>965</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>505</AccumulatedDepreciationAmt>
        <BookValueAmt>460</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - DEVELOPER FEE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>22894</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>12009</AccumulatedDepreciationAmt>
        <BookValueAmt>10885</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (TITLE COSTS)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>125</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>72</AccumulatedDepreciationAmt>
        <BookValueAmt>53</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1125</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>591</AccumulatedDepreciationAmt>
        <BookValueAmt>534</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1125</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>591</AccumulatedDepreciationAmt>
        <BookValueAmt>534</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (CONSTRUCTION ADMIN)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3500</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1831</AccumulatedDepreciationAmt>
        <BookValueAmt>1669</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS (DESIGN)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>500</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>260</AccumulatedDepreciationAmt>
        <BookValueAmt>240</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - DEVELOPER FEE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>31670</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>16608</AccumulatedDepreciationAmt>
        <BookValueAmt>15062</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - CAPITALIZED INTEREST</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>7855</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>4123</AccumulatedDepreciationAmt>
        <BookValueAmt>3732</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS - SOFT COSTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>11499</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>6026</AccumulatedDepreciationAmt>
        <BookValueAmt>5473</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS (DEVELOPER FEE)</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>21224</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>11584</AccumulatedDepreciationAmt>
        <BookValueAmt>9640</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER - JACK</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3556</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3556</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER - AT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1664</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1664</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>PRINTER - KRIS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>666</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>666</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER - AT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1045</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1045</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER - HOLLY</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1632</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1632</AccumulatedDepreciationAmt>
        <BookValueAmt>0</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1710</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1544</AccumulatedDepreciationAmt>
        <BookValueAmt>166</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>HOT WATER HEATER</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1460</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>864</AccumulatedDepreciationAmt>
        <BookValueAmt>596</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>DESK</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3520</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2798</AccumulatedDepreciationAmt>
        <BookValueAmt>722</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>9350</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>850</AccumulatedDepreciationAmt>
        <BookValueAmt>8500</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2246462</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>2246462</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>4426877</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1258949</AccumulatedDepreciationAmt>
        <BookValueAmt>3167928</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>8333</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>641</AccumulatedDepreciationAmt>
        <BookValueAmt>7692</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>101890</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>5225</AccumulatedDepreciationAmt>
        <BookValueAmt>96665</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>4033</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>129</AccumulatedDepreciationAmt>
        <BookValueAmt>3904</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>21883</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>281</AccumulatedDepreciationAmt>
        <BookValueAmt>21602</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>COMPUTER</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2918</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>292</AccumulatedDepreciationAmt>
        <BookValueAmt>2626</BookValueAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL</CategoryTxt>
        <LegalFeesAmt>28408</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>INVESTMENT IN CHURCHWOODS LLC</Desc>
        <BOYBookValueAmt>5660449</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>CAPITALIZED DEVELOPMENT COSTS</Desc>
        <BOYBookValueAmt>463519</BOYBookValueAmt>
        <EOYBookValueAmt>1221483</EOYBookValueAmt>
        <EOYFMVAmt>1221483</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>TAX AND INSURANCE ESCROW</Desc>
        <BOYBookValueAmt>6526</BOYBookValueAmt>
        <EOYBookValueAmt>6811</EOYBookValueAmt>
        <EOYFMVAmt>6811</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SYNDICATION RESERVE</Desc>
        <BOYBookValueAmt>290</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>REPLACEMENT RESERVE</Desc>
        <BOYBookValueAmt>20110</BOYBookValueAmt>
        <EOYBookValueAmt>23125</EOYBookValueAmt>
        <EOYFMVAmt>23125</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>OPERATING RESERVE</Desc>
        <BOYBookValueAmt>37724</BOYBookValueAmt>
        <EOYBookValueAmt>39026</EOYBookValueAmt>
        <EOYFMVAmt>39026</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>TENANT SECURITY DEPOSITS</Desc>
        <BOYBookValueAmt>9451</BOYBookValueAmt>
        <EOYBookValueAmt>8645</EOYBookValueAmt>
        <EOYFMVAmt>8645</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SUPPORT TO AFFILIATED ENTITIES</Desc>
        <BOYBookValueAmt>1503010</BOYBookValueAmt>
        <EOYBookValueAmt>1546718</EOYBookValueAmt>
        <EOYFMVAmt>1546718</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>INTANGIBLE ASSETS</Desc>
        <BOYBookValueAmt>26598</BOYBookValueAmt>
        <EOYBookValueAmt>2400</EOYBookValueAmt>
        <EOYFMVAmt>2400</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>11533</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>73432</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>73432</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEETINGS</Desc>
        <RevenueAndExpensesPerBooksAmt>15653</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>15653</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>4189</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4189</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADVERTISING</Desc>
        <RevenueAndExpensesPerBooksAmt>1101</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CHARITABLE CONTRIBUTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>2741</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2741</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>MISC INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>5050</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5050</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5050</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN</Desc>
        <Amt>23236</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>SECURITY DEPOSITS LIABILITY</Desc>
        <BOYBookValueAmt>9451</BOYBookValueAmt>
        <EOYBookValueAmt>22049</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>DUE TO AFFILIATES</Desc>
        <BOYBookValueAmt>818071</BOYBookValueAmt>
        <EOYBookValueAmt>2222767</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING</CategoryTxt>
        <Amt>10000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ENVIRONMENT</CategoryTxt>
        <Amt>6000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGMENT FEE</CategoryTxt>
        <Amt>32679</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>32679</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>24869</Amt>
        <NetInvestmentIncomeAmt>24869</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>