Form 990 for tax year 2024

Filed by HOME CITY DEVELOPMENT INC.

Totals

Total revenue: $1,437,102
Total expenses: $1,970,169
Contributions and grants received: $595,108
Grants paid: $0
Program service revenue: $504,114
Investment income: $310,334
Other revenue: $27,546
Total assets, end of year: $54,239,900
Total liabilities, end of year: $42,117,710
Net assets or fund balances, end of year: $12,122,190
Program services expenses (Part IX): $1,191,630
Management and general expenses: $778,539
Fundraising expenses: $0
Program service expenses (Part III): $1,191,630

Program services were 60.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1f · All other contributions, gifts and grants

$595,108
2a · Program service revenue: MANAGEMENT FEE REVENUE

total $261,981 · related or exempt $261,981
2b · Program service revenue: RENTAL INCOME

total $187,614 · related or exempt $187,614
2c · Program service revenue: DEVELOPER FEE REVENUE

total $54,519 · related or exempt $54,519
3 · Investment income

total $279,875 · excluded $279,875
7a · Gross sales of assets other than inventory

other assets $140,000
7b · Less cost or other basis and sales expenses

other assets $109,541
7c · Gain or loss

other assets $30,459
7d · Net gain or loss

total $30,459 · related or exempt $30,459
11a · Other revenue: MISCELLANEOUS INCOME

total $27,546 · related or exempt $27,546
11e · Other revenue, total

$27,546

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $169,946 · program services $169,946
7 · Other salaries and wages

total $589,906 · program services $384,746 · management and general $205,160
8 · Pension plan contributions

total $21,016 · program services $15,482 · management and general $5,534
9 · Other employee benefits

total $92,399 · program services $78,573 · management and general $13,826
10 · Payroll taxes

total $64,920 · program services $47,392 · management and general $17,528
11a · Fees: management

total $11,142 · management and general $11,142
11b · Fees: legal

total $31,632 · management and general $31,632
11c · Fees: accounting

total $90,015 · management and general $90,015
11f · Fees: investment management

total $25,637 · management and general $25,637
12 · Advertising and promotion

total $49,544 · management and general $49,544
13 · Office expenses

total $222,620 · management and general $222,620
16 · Occupancy

total $37,280 · program services $36,993 · management and general $287
17 · Travel

total $2,672 · management and general $2,672
19 · Conferences, conventions and meetings

total $10,909 · management and general $10,909
20 · Interest

total $11,608 · program services $2,018 · management and general $9,590
22 · Depreciation, depletion and amortization

total $130,938 · program services $93,580 · management and general $37,358
23 · Insurance

total $55,875 · program services $37,097 · management and general $18,778
24a · Other expenses: RESIDENT SERVICES COORD

total $209,914 · program services $209,914
24b · Other expenses: MAINTENANCE CONTRACTS

total $47,619 · program services $47,619
24c · Other expenses: PROPERTY TAXES

total $24,916 · program services $20,045 · management and general $4,871
24d · Other expenses: MAINTENANCE SUPPLIES

total $18,451 · program services $18,451
24e · All other expenses

total $51,210 · program services $29,774 · management and general $21,436

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,200,485 · end of year $2,417,470
4 · Accounts receivable

beginning of year $3,004,789 · end of year $1,559,125
9 · Prepaid expenses and deferred charges

beginning of year $10,662 · end of year $10,760
10a · Land, buildings and equipment: cost or other basis

$6,223,398
10b · Land, buildings and equipment: accumulated depreciation

$874,700
10c · Land, buildings and equipment, net

beginning of year $5,247,986 · end of year $5,348,698
11 · Investments: publicly traded securities

beginning of year $1,397,891 · end of year $3,656,392
13 · Investments: program-related

beginning of year $5,523,423 · end of year $5,685,346
15 · Other assets

beginning of year $6,556,366 · end of year $35,562,109
17 · Accounts payable and accrued expenses

beginning of year $360,241 · end of year $4,541,914
19 · Deferred revenue

end of year $11,789,470
23 · Secured mortgages and notes payable

beginning of year $9,317,910 · end of year $25,137,566
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $430,473
25 · Other liabilities

beginning of year $1,740,288 · end of year $218,287
27 · Net assets without donor restrictions

beginning of year $12,335,446 · end of year $11,926,120
28 · Net assets with donor restrictions

beginning of year $187,717 · end of year $196,070

Mission and programs · 2024

Mission

1.TO RESTORE OR REPLACE SUBSTANDARD HOUSING WITH A SUPPLY OF DECENT, AFFORDABLE, AND WELL-MANAGED HOUSING FOR INDIVIDUALS AND FAMILIES.2.TO FACILITATE NEIGHBORHOOD GROWTH AND HEALTH IN COLLABORATION WITH PARTNERS, LEADING TO LONG-TERM FAMILY AND COMMUNITY STABILITY.3.TO WORK WITH RESIDENTS, BUILDING ON THEIR STRENGTHS, TOWARD HEALTHY AND STABLE FUTURES.

HOME CITY DEVELOPMENT, INC. AND ITS SUBSIDIARIES WERE FORMED TO PROVIDE AND MAINTAIN HOUSING FOR USE BY FAMILIES AND PERSONS OF LOWER INCOME IN WESTERN MASSACHUSETTS. RENTAL DEVELOPMENT & MANAGEMENT OF LOW INCOME HOUSING IN SPRINGFIELD, MA AREA.

Expenses $1,191,630 · Revenue $562,119

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Dr Andrew BalderDR ANDREW BALDER

DIRECTOR

Total calculated

$0

Hours/week

1
V Van Johnson EsqV VAN JOHNSON ESQ

DIRECTOR

Total calculated

$0

Hours/week

1
Thomas McColganTHOMAS MCCOLGAN

DIRECTOR

Total calculated

$0

Hours/week

1
Loleta CollinsLOLETA COLLINS

PRESIDENT

Total calculated

$0

Hours/week

1
Christopher SugrueCHRISTOPHER SUGRUE

DIRECTOR

Total calculated

$0

Hours/week

1
David MaynardDAVID MAYNARD

DIRECTOR

Total calculated

$0

Hours/week

1
Karen WalkerKAREN WALKER

DIRECTOR

Total calculated

$0

Hours/week

1
Malissa NaylorMALISSA NAYLOR

PRESIDENT

Total calculated

$0

Hours/week

1
Beverly BatesBEVERLY BATES

TREASURER

Total calculated

$0

Hours/week

1
Bertrand DanielBERTRAND DANIEL

DIRECTOR

Total calculated

$0

Hours/week

1
Thomas KegelmanTHOMAS KEGELMAN

EXECUTIVE DIRECTOR/ CLERK

Total calculated

$169,946

From this org

$163,945

From related orgs

$0

Other

$6,001

Hours/week

40

Schedule J breakdown matched by us

Base

$135,235

Bonus

$0

Other

$28,710

Deferred

$6,001

Nontaxable benefits

$0

Filer's total

$169,946
Peter SeafinoPETER SEAFINO

SENIOR PROJECT MANAGER

Total calculated

$136,698

From this org

$131,633

From related orgs

$0

Other

$5,065

Hours/week

40
Jennica HuffJENNICA HUFF

DIRECTOR OF REAL ESTATE

Total calculated

$140,537

From this org

$140,537

From related orgs

$0

Other

$0

Hours/week

40
Joesiah GonzalezJOESIAH GONZALEZ

CHEIFPHILANTHROPY & COMMUNICATIONS OFFICER

Total calculated

$162,446

From this org

$157,500

From related orgs

$0

Other

$4,946

Hours/week

40

Schedule J breakdown matched by us

Base

$136,983

Bonus

$2,500

Other

$18,017

Deferred

$4,946

Nontaxable benefits

$0

Filer's total

$162,446

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

BETTER HOMES PROPERTIES LLC

REAL ESTATE · MA · income -$188,051 · assets $3,943,070

Directly controlled by HOME CITY DEVELOPMENT INC
AMETHYST BROOK APARTMENTS LLC

REAL ESTATE · MA · income $39,399 · assets $16,202,485

Directly controlled by HOME CITY DEVELOPMENT INC
GEMINI TOWN HOMES LLC

REAL ESTATE · MA · income -$6,683 · assets $18,421,799

Directly controlled by HOME CITY DEVELOPMENT INC
NEW LIBERTY HOMES LLC

REAL ESTATE · MA · income -$165 · assets $167,753

Directly controlled by HOME CITY DEVELOPMENT INC
275 CHESTNUT LLC

REAL ESTATE · MA · income $2,267 · assets $5,345,306

Directly controlled by HOME CITY DEVELOPMENT INC
11 FERRY STREET LLC

REAL ESTATE · MA · income $0 · assets $37,948

Directly controlled by HOME CITY DEVELOPMENT INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

LIBERTY HILL TOWN HOUSES LP

RELATED · REAL ESTATE · MA · 0.01% owned · share of income $76,341 · share of assets $127,941
BETTER HOMES TAPLEY LLC

RELATED · REAL ESTATE · MA · 100% owned · share of income -$153,520 · share of assets $2,187,937
CROSS TOWN CORNERS LLC

RELATED · REAL ESTATE · MA · 0.01% owned · share of income -$60,066 · share of assets $11,397
BH EHT 1 LLC

RELATED · REAL ESTATE · MA · 0.01% owned · share of income -$77 · share of assets $90,499
BH EHT 2 LLC

RELATED · REAL ESTATE · MA · 0.01% owned · share of income -$104 · share of assets $798
BH CHESTNUT CROSSING LLC

RELATED · REAL ESTATE · MA · 0.01% owned · share of income -$106,357 · share of assets $627,618
HC BROOKINGS LLC

RELATED · REAL ESTATE · MA · 0.01% owned · share of income -$87 · share of assets $118,198

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

BETTER HOMES LIBERTY HILL INC

C · REAL ESTATE · MA · 100% owned · share of income $76,341 · share of assets -$49,021 · controlled entity

Directly controlled by HOME CITY DEVELOPMENT
BH TAPLEY MANAGER LLC

C · REAL ESTATE · MA · 79% owned · share of income -$15 · controlled entity

Directly controlled by HOME CITY DEVELOPMENT
BH CROSS TOWN MANAGER LLC

C · REAL ESTATE · MA · 100% owned · share of income -$60,066 · share of assets -$60,825 · controlled entity

Directly controlled by HOME CITY DEVELOPMENT
CHESTNUT CROSSING MANAGER LLC

C · REAL ESTATE · MA · 100% owned · share of income -$106,357 · share of assets $536,868 · controlled entity

Directly controlled by HOME CITY DEVELOPMENT
HC TAPELY INC

C · REAL ESTATE · MA · 100% owned · share of income -$153,505 · share of assets $8,511

Directly controlled by HOME CITY DEVELOPMENT
BH EHT 1 MANAGER LLC

C · REAL ESTATE · MA · 100% owned · share of income -$77 · share of assets $88,884

Directly controlled by HOME CITY DEVELOPMENT
BH EHT 2 MANAGER LLC

C · REAL ESTATE · MA · 100% owned · share of income -$104 · share of assets -$731

Directly controlled by HOME CITY DEVELOPMENT
HC BROOKINGS MANAGER LLC

C · REAL ESTATE · MA · 100% owned · share of income -$87

Directly controlled by HOME CITY DEVELOPMENT

Provenance

Return type: form_990
Tax year: 2024
Filed: 6 August 2025
IRS schema version: 2024v5.2
Source object: 202512189349301416

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