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.

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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.

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