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17 <br />But-for / Needs Analysis <br />•How do we make the “but-for” determination? <br />–Review pro forma of development with and without <br />assistance to determine potential return to Developer <br />–Use the level of return without assistance as a measure of <br />project’s feasibility <br />–If project is not feasible without assistance it is not likely to <br />occur <br />–Use the level of return with assistance as a measure of <br />the amount of subsidy needed