CHFA, a self-sustaining authority created by the GeneralAssembly in 1973 to provide affordable housing for low- andmoderate-income families, is backing 58.8% of the $14.5-milliontotal cost for the Denver Housing Administration to buy andrehabilitate East Village. The DHA has agreed to pay $12.3 millionfor the complex to Beverly Hills, CA-based Casden Properties Inc.The $14.5-million bottom-line includes rehabilitation of the 199apartments.

David Herlinger, CHFA executive director, says the loan would beamortized over 30 or 40 years. But, it most likely will be repaidas soon as DHA forms a partnership with a private developer toredevelop East Village into a combination of market-rate units andaffordable housing. At that point, DHA will probably seek permanentfinancing from CHFA for the low-income portion of the project, hesays.