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In additiort to the land disposition, I would also lilce to address the concerns associated witt�the"difficult <br /> to develop"box in our 402 application. On our application,thc"difficult to develop"box was checked to <br /> ensure tl�at the development receive the 30% basis boost that is available to 9%tax credit projects. The <br /> basis boost,which was approvec3 as part of the 2009 American Recovery and Reinvestment Act, altows <br /> for more equity to be awarded to the project. All of the applications to MHFA have the right to check the <br /> difficult to develop box. This does not mean that the site is difficult to develop;rather it ensw•es that the <br /> basis boost is applied through MHFA's macro formula. <br /> We look forward to continuing to work with the City Council a��d staff on a resolution regarding land <br /> cost. Please let me know if you need any further information. <br /> erely, <br /> Amanda Novak <br /> Senior Project Manager <br />