The properties of spin-polarized liquid helium are analyzed in a densi
ty-functional framework. It is shown that the BHN functional [M. Barra
nco et al., Phys. Rev. B 54, 7394 (1996)] designed to describe the the
rmodynamics and the response of the unpolarized liquid also reproduces
reasonably well recent experimental results at low magnetization. In
particular, the present description reproduces the magnetic field data
for the weakly polarized liquid, and is also consistent with the exis
tence of a near-metamagnetic transition at a polarization close to 0.2
. We indicate the various difficulties associated with the extension o
f the current scenario to highly and fully magnetized systems. [S0163-
1829(98)09541-1].