853 N Elston Ave Chicago, Illinois, 60642
Chicago-based Senior Housing Group LLC (SHG) is committed to the long-term preservation of government-subsidized affordable housing for limited-income seniors around the country. Based upon a commitment to the residents well-being and a strong belief that a government-subsidized building does not need to look or feel any different than a well-maintained conventional apartment building, SHG's mission is to help preserve high quality housing for income-restricted seniors. This commitment and belief are on display every day at each of the 19 affordable senior properties (2,124 units) in which SHG President Steve Greenbaum has ownership interests.
At a time when the need for affordable senior housing is increasing in every state, SHG works hard to ensure that properties currently serving seniors on limited incomes are able to continue doing so well into the future. SHG acquires existing affordable senior buildings where residents already benefit from project-based rental subsidy. Soon after acquisition, SHG will implement a capital improvement program, designed to improve, modernize and extend each building’s physical life, all of which will be completed, without displacing any of the existing residents. In instances where physical buildings have been too troubled to preserve, SHG has helped facilitate the construction of new buildings with long-term affordability commitments serving the same residents. Having utilized many government-sponsored affordable housing programs, SHG has the expertise to structure preservation transactions that result in extended affordability commitments, much-improved apartments and buildings and, most importantly, extremely satisfied residents.
With affordable properties in eight states, SHG has a demonstrated ability to work with numerous federal and state government agencies and officials as well as other industry leaders to further SHG's mission. Regardless of location, SHG seeks additional opportunities to preserve and improve affordable senior buildings across the country. If you have an affordable senior building that could benefit from a preservation transaction with SHG, please contact Steve.
SHG's approach is to search for existing affordable senior buildings that, with the benefit of a recapitalization and extensive rehabilitation, can continue serving limited-income seniors well into the future.
SHG maintains the residents welfare and peace-of-mind as a top priority and meets regularly with building residents and staff. Our preservation strategy requires an understanding of the programs and resources that are available and an ability to structure complicated transactions that benefit sellers and residents while not over-burdening properties.
SHG believes that just because a building is reserved for limited-income residents, does not mean it needs to look or feel any different than a well managed and well maintained conventional apartment building. SHG is proud of each building within our portfolio and welcomes the opportunity to expand our preservation commitment to additional locations around the country.
Steve Greenbaum founded SHG to provide a dedicated platform from which to preserve and improve affordable senior housing. Since 2004, Steve has focused exclusively on the preservation of affordable housing for income-restricted seniors around the country. He personally holds ownership interests in 19 different affordable senior properties with an average property size of 112 units. These buildings benefit from federal affordable housing programs including Section 42 Low-Income Housing Tax Credits (LIHTC), tax-exempt multifamily bonds, HOME funds and rental subsidy under project-based Section 8 Housing Assistance Payment Contracts.
Having demonstrated his commitment to preserving and providing quality housing for income-restricted seniors, Steve is recognized as a leader within the affordable housing preservation industry. He has spoken about preservation at affordable housing conferences around the country. Under Steve’s leadership, Council House, a 150-unit affordable senior building in Tucson, Arizona won an IREM (Institute for Real Estate Management) Chicago Chapter’s Affordable Housing Development of the Year Award. Steve is also one of the general partners in Sullivan Place Apartments (in Hanover Township, PA) which received an IREM Chicago Chapter’s Affordable Housing Development of the Year Award in 2010.
Steve has been involved in the real estate industry since 1993. Prior to entering the affordable housing field, Steve was a commercial real estate attorney for a nationally renowned law firm, a real estate finance officer for national lending institutions and an officer with owner-side real estate investment companies, including his own SG Realty LLC.
Steve is very active in his community, currently serving a vice chair of the Chicago Jewish Federations Government Affairs Committee. He is also involved in the National Leased Housing Association, a national organization representing all major participants private and public in the affordable multifamily rental housing industry. Steve began his professional career as a legislative aide for a Washington-based social service agency where he advocated on many social issues including low-income housing. He is a past-President and current Executive Committee member of CityPAC, a Chicago-based political action committee and a past-member of the Executive Committee of Chicago’s Mt. Sinai Medical Institute Council (MSMIC). In 2011 Steve completed a six-year term on the Jewish Federations of North America’s National Young Leadership Cabinet. In 2007 at age 41, Steve received a Lifetime Community Service Award from Shalva, a Chicago-based community organization dedicated to helping victims of domestic abuse and violence. Steve is very involved in both local and national politics serving on the finance committee for a handful of elected officials and hopefuls.
In 1988, Steve received a Bachelor of Arts from the University of Michigan in Ann Arbor and in 1992 he received a Juris Doctor from Georgetown University in Washington, DC. Steve resides in Chicago’s north surburbs with his wife Sheri, their daughter Jordyn, and son Jake.
Senior Housing Group LLC
853 N. Elston
Chicago, IL 60642
© 2020-23 My Living Choice | All Rights Reserved