2026-01-16T11:08:18-05:00 2025-06-30 042917204 ANSTISS & CO PC 6 OMNI WAY STE 201 CHELMSFORD MA 018244187 990 2024-07-01 042603693 LOWELL DEVELOPMENT & FINANCIAL CORP LOWE 9784599899 660 SUFFOLK STREET LOWELL MA 01854 KARA DOYLE TREASURER 0978459989 2026-01-05 true false MARY M LINSKEY P01366371 9784522500 2026-01-05 2024 2025-03-06 01:10:19Z KARA DOYLE 660 SUFFOLK ST NO 120 LOWELL MA 01854 430563 false X WWW.LDFC.ORG X 1975 MA THE LDFC IS A NONPROFIT DEVELOPMENT CORPORATION ESTABLISHED IN 1975 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION AND TO PROVIDE SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL. 35 35 2 0 35614 37730 120007 138832 120921 126370 181994 127631 458536 430563 0 0 280712 254829 0 0 220074 824849 500786 1079678 -42250 -649115 8518936 7573338 2371961 2075478 6146975 5497860 TO PROMOTE LOWELL'S ECONOMIC REVITALIZATION BY PROVIDING SECONDARY FINANCING FOR THE REHABILITATION AND ACQUISITION OF PROPERTIES IN LOWELL. false false 334863 138832 PROGRAM SERVICE ACTIVITY INVOLVES THE LENDING OF MONEY (SECURED BY MORTGAGE NOTES) AT BELOW MARKET RATES OF INTEREST FOR COMMERCIAL AND RESIDENTIAL BUILDINGS. 334863 true true false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false true 7 0 true 2 true false false false false false false false false X 35 35 true false false false false false false true true false false false true true true false false true true false MA X X GERMAINE VIGEANT-TRUDEL 0978459989 660 SUFFOLK STREET LOWELL MA 01854 ALLISON LAMEY EXECUTIVE DI 35.00 X 137787 0 13779 JAMES HOGAN PRESIDENT 5.00 X X 0 0 0 KARA DOYLE TREASURER 5.00 X X 0 0 0 ANI VONG CLERK 5.00 X X 0 0 0 YUN-JU CHOI DIRECTOR X 0 0 0 SHANNON ARENBURG DIRECTOR X 0 0 0 YOVANI BAEZ-ROSE DIRECTOR X 0 0 0 TREVOR BLOOM DIRECTOR X 0 0 0 JANE CALVIN DIRECTOR X 0 0 0 GARY CAMPBELL DIRECTOR X 0 0 0 PAUL CAREY DIRECTOR X 0 0 0 JULIE CHEN DIRECTOR X 0 0 0 DANIEL FIELD DIRECTOR X 0 0 0 JULIE GALONSKA DIRECTOR X 0 0 0 ROBERT GILMAN DIRECTOR X 0 0 0 THOMAS GOLDEN DIRECTOR X 0 0 0 RAYMOND HAMILTON DIRECTOR X 0 0 0 STACIE HARGIS DIRECTOR X 0 0 0 EDWARD KENNEDY DIRECTOR X 0 0 0 JAMES LINNEHAN JR DIRECTOR X 0 0 0 DEBORAH MCADAMS DIRECTOR X 0 0 0 DANIELLE MCFADDEN DIRECTOR X 0 0 0 CATHY MERCADO DIRECTOR X 0 0 0 ANOTHNY NGANGA DIRECTOR X 0 0 0 MARYANN PICARD DIRECTOR X 0 0 0 JENNIFER RAITT DIRECTOR X 0 0 0 PHILIP SISSON DIRECTOR X 0 0 0 JAMES WILDE DIRECTOR X 0 0 0 PARKER WILLIAMS DIRECTOR X 0 0 0 MARIA ZEQO DIRECTOR X 0 0 0 PATTY WILSON DIRECTOR X 0 0 0 DAN ROURKE DIRECTOR X 0 0 0 DAN RIVERA DIRECTOR X 0 0 0 STEVEN JONCAS DIRECTOR X 0 0 0 CARL HOWELL DIRECTOR X 0 0 0 JEFF BUSH DIRECTOR X 0 0 0 137787 13779 1 false true false 37730 37730 INTEREST ON LOANS 531390 138832 138832 138832 126370 126370 MGMT CONTRACT/FISCAL AGENT FE 900099 114062 114062 OTHER REVENUE 900099 8313 8313 LOAN PROCESSING FEES & POINTS 900099 3050 3050 2206 2206 127631 430563 266463 126370 129825 129825 87920 87920 20324 20324 16760 16760 5207 5090 117 49624 44354 5270 18083 674 17409 47027 47027 35797 35015 782 23978 17883 6095 PROVISION FOR LOAN LOSSES 640540 8457 632083 LOAN SERVICE FEES 4093 4093 GRANT EXPENSE 500 500 COST ALLOCATION 219297 -219297 1079678 334863 744815 0 1844925 1667675 3498556 2949122 2982664 2784550 53228 49210 20059 20059 139563 122781 8518936 7573338 50037 38169 31830 17463 748689 629064 1541405 1390782 2371961 2075478 X 930753 321866 5216222 5175994 6146975 5497860 8518936 7573338 -649115 X false true X true false X 93382 31666 35614 37730 198392 451189 267441 433955 302001 266463 1721049 451189 360823 465621 337615 304193 1919441 1919441 21649 8396 35589 120921 126370 312925 21649 8396 35589 120921 126370 312925 472838 369219 501210 458536 430563 2232366 0.85980 0.89710 0.14000 0.10000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 20059 20059 FISCAL AGENT LIABILITY 1308531 RIGHT-OF-USE LEASE LIABILITY OPERATI 68551 RIGHT-OF-USE LEASE LIABILITY FINANCE 13700 1390782 X 430563 430563 430563 1079678 1079678 1079678 SCHEDULE D, PAGE 3, PART X LDFC IS INCORPORATED UNDER CHAPTER 844 AS AN ACT OF MASSACHUSETTS STATE LEGISLATURE AND HAS BEEN GRANTED TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE (IRD) SECTION 501(C)(3). THEREFORE, IT IS GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THE ACCOMPANYING FINANCIAL STATEMENTS. IN ACCORDANCE WITH FASB ASC 740-10, "INCOME TAXES", LDFC IS REQUIRED TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT ON LDFC'S FINANCIAL STATEMENTS. LDFC HAS NO UNCERTAIN TAX POSITIONS THAT QUALIGY FOR EITHER RECOGNITION OR DISCLSURE IN THE FINANCIAL STATEMENTS. LDFC REPORTS ITS ACTIVITIES TO THE INTERNAL REVENUE SERVICE AND TO THE COMMONWEALTH OF MASSACHUSETTS ON AN ANNUAL BASIS. THESE INFORMATIONAL RETURNS ARE GENERALLY SUBJECT TO AUDIT AND REVIEW BY THE GOVERNMENTAL AGENCIES FOR A PERIOD OF THREE YEARS AFTER FILING. SUBSTANTIALLY ALL LDFC'S INCOME, EXPENDITURES AND ACTIVITIES RELATE TO ITS EXEMPT PRUPOSE. THEREFORE, MANAGEMENT HAS DETERMINED THAT LDFC IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS A TAX-EXMEPT NOT0FOR-PROFIT ENTITY. X X false false false false false false false false false ALLISON LAMEY EXECUTIVE DIRECTOR 137787 13779 151566 FORM 990, PART VI CARL HOWELL IS THE CHIEF EXECUTIVE OFFICER OF COMMUNITY TEAMWORK, INC (CTI) WHICH ANTHONY NGANGA IS A BOARD MEMBER OF CGDC. YOVANI BAEZ-ROSE IS THE ASSISTANT CITY MANAGER IN LOWELL WHERE THOMAS GOLDEN IS HER DIRECT SUPERVISOR. JAMES HOGAN IS ALSO ON THE BOARD OF DIRECTORS OF THE LOWELL PLAN WHERE GARY CAMPBELL IS THE CHAIR OF THE LOWELL PLAN. JAMES IS CEO OF WSB THAT HAS EXISTING BUSINESS RELATIONSHIP WITH CTI WHERE CARL HOWELL IS THE CEO OF CTI. JAMES IS ALSO ON THE EXECUTIVE, FINANCE AND STRATEGIC PLANNING COMMITTEE FOR CTI. ALL MEMBERS NOTED ABOVE ARE MEMBERS OF THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 2 COMMON GROUND DEVELOPMENT CORP. WASHINGTON SAVINGS BANK DIRECTOR R/E PRES/CEO JH ON BOARD OF BOTH ENTITIES. COMMON GROUND DEVELOPMENT CORP. CITY OF LOWELL DIRECTOR R/E CITY MANAGER CITY OF LOWELL ISSUES GRANTS. COMMON GROUND DEVELOPMENT CORP. CITY OF LOWELL DIRECTOR R/E ASST. MGR. CITY OF LOWELL ISSUES GRANTS. COMMON GROUND DEVELOPMENT CORP. STUDIO 26 ASSOCIATES DIRECTOR R/E FOUNDER SERVICES ON BOARD OF CGDC. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS REVIEWED BY THE EXECUTIVE COMMITTEE PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C LDFC USES CONFLICT OF INTEREST QUIESTIONAIRES TO MONITOR CONFLICTS ON AN ANNUAL BASIS. FORM 990, PAGE 6, PART VI, LINE 15A THE PERSONNEL COMMITTEE, WHICH IS MADE UP OF MEMBERS OF THE BOARD OF DIRECTORS, IS RESPONSIBLE FOR DETERMINING EXECUTIVE COMPENSATION LEVELS. FORM 990, PAGE 6, PART VI, LINE 15B THE PERSONNEL COMMITTEE, WHICH IS MADE UP OF MEMBERS OF THE BOARD OF DIRECTORS, IS RESPONSIBLE FOR DETERMINING EXECUTIVE COMPENSATION LEVELS. FORM 990, PAGE 6, PART VI, LINE 18 AVAILABLE UPON REQUEST AT THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S OFFICE. FORM 990, PAGE 6, PART VI, LINE 19 THE LOWELL DEVELOPMENT AND FINANCIAL CORPORATION'S AUDITED STATEMENT OF FINANCIAL POSITION IS PUBLISHED ANNUALLY IN THE LOWELL SUN NEWSPAPER.