Affordable Housing for Seniors

What Affordable Housing for Seniors does

Carefree Management, LLC, operating under the brand name "Affordable Housing for Seniors," develops and operates affordable rental senior living communities across the Chicagoland area of Illinois. Founded in 1995 and headquartered in Forest Park, the company serves adults aged 55 and older with studio, one-, and two-bedroom apartments priced at affordable rates under LIHTC (Low Income Housing Tax Credit), HUD, and Illinois Housing Development Authority (IHDA) financing programs. The portfolio comprises nine operating communities (Liberty Village, Poplar Creek Village, Freedom Village, Zurich Meadows, Hunt Club Village, Belmont Place, Emerald Village, Forest Oaks, and Town Center Pointe) totaling approximately 836 units, with a tenth community (Carefree Village in Oak Forest) announced for 2027.

The core offering is income-restricted rental housing augmented by standard senior-living amenities: continental breakfast programs, libraries, game rooms, fitness rooms, laundry facilities, and organized social activities. Selected properties host on-site home health (Inspired Home Care) and physical therapy (Community Physical Therapy) services that support an age-in-place positioning. The underlying technology stack is conventional property management software with access control systems, surveillance cameras, online pre-applications, virtual tours, and third-party credit and background screening; there is no proprietary platform, mobile application, or AI capability disclosed. Security deposits are refundable, while application fees ($75–$100) and pet fees ($300) are non-refundable.

Revenue is generated through monthly rental income (the primary stream), one-time application and administrative fees, non-refundable pet fees, security deposits, and ancillary parking and storage fees. The go-to-market is direct-to-consumer via the housingseniors.com website, a Facebook presence, virtual and in-person tours, and referral partnerships with Public Housing Authorities, Area Agencies on Aging, and senior services agencies. Marketing emphasizes affordability, location, social engagement, and aging-in-place services. Section 8 Housing Choice Vouchers and project-based vouchers are accepted, expanding addressable demand beyond LIHTC-eligible seniors.

Name

Affordable Housing for Seniors

Legal name

Carefree Management, LLC

Website

https://housingseniors.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Carefree Management, LLC operates nine affordable senior living communities across Chicagoland, providing approximately 836 income-restricted rental apartments for adults aged 55+ through LIHTC, HUD, and IHDA-financed affordable housing programs.

Ownership category

akta.pro rank

Product category

Affordable Senior Housing

NAICS

Services for the Elderly and Persons with Disabilities (624120)

SIC

Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Affordable/Subsidized Independent Living (HUD/LIHTC) Communities (HLADAAAB)

akta.pro secondary industries

Active Adult (55+) Independent Living Communities (HLADAAAD), Market-Rate Independent Living (Private Pay) Communities (HLADAAAA)

Keywords

• Affordable senior housing
• Senior apartment rentals
• LIHTC affordable housing
• HUD subsidized housing
• Independent senior living

Headquarters

HQ city

Forest Park

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Residential Rental Income: Monthly rental revenue from studio, one-bedroom, and two-bedroom apartments across nine senior living communities. Properties offer both tax credit affordable units and market rate units.
2. Application and Administrative Fees: Non-refundable application fees of $75-$100 per applicant. Additional administrative fees during leasing process.
3. Parking and Ancillary Fees: Monthly fees for assigned outdoor parking spaces and indoor parking. Storage unit rental fees at some properties.
4. Pet Fees: Non-refundable pet fee of $300 at communities that allow pets.
5. Security Deposits: Security deposits collected at lease signing, eligible for partial or full refund upon move-out based on unit condition.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Carefree Management operates nine affordable senior living communities in the Chicagoland area, renting studio, one-bedroom, and two-bedroom apartments to seniors aged 55 and older under LIHTC and HUD financing programs. Each community offers amenitized apartment living with on-site management, continental breakfast, social activities, and optional on-site home health and physical therapy services to support aging in place.

Product overview

Carefree Management operates a portfolio of nine affordable senior living communities across the Chicagoland area, offering a range of housing options for seniors aged 55 and older. The communities include Liberty Village (Elmhurst), Poplar Creek Village (Hoffman Estates), Freedom Village (Homewood), Zurich Meadows (Lake Zurich), Hunt Club Village (St. Charles), Belmont Place (Chicago), Emerald Village (Schaumburg), Forest Oaks (Forest Park), and Town Center Pointe (Richton Park). A tenth community, Carefree Village, is planned for Oak Forest in 2027. The communities offer affordable apartments through tax credit programs and accept Section 8 housing vouchers, providing amenities such as continental breakfast, fitness facilities, libraries, game rooms, and organized social activities. On-site management, home health care agency partnerships, and supportive services help residents age in place comfortably.

Differentiator

Problem solved

Functional benefit

Brands

• Liberty Village: Affordable senior living community located at 415 North York Street, Elmhurst, Illinois 60126. A 3-story building offering studio, one- and two-bedroom apartments for adults 55+ since 1999.
• Poplar Creek Village
• Freedom Village
• Zurich Meadows
• Hunt Club Village
• Belmont Place
• Emerald Village
• Forest Oaks
• Town Center Pointe

Products and services

• Liberty Village Affordable senior living community in Elmhurst, IL offering studio, one- and two-bedroom apartments (600-750 sq ft) for adults 55+ with amenities including a computer area, library, dining room with weekly continental breakfast, resident lounge, outdoor patio, and laundry facilities.
• Poplar Creek Village Affordable senior living community in Hoffman Estates, IL with 121 one- and two-bedroom apartments (650-1000 sq ft) located near Poplar Creek Golf Course, with amenities including continental breakfast, fitness room, library, game room, parking, and storage units.
• Freedom Village 198-unit, 3-story affordable senior living community in Homewood, IL offering one- and two-bedroom apartments (600-900 sq ft) within walking distance of shops, restaurants, banks, and grocery stores.
• Zurich Meadows Affordable senior living community in Lake Zurich, IL operating since 2012 with 95 spacious one- and two-bedroom units (600-900 sq ft) and a range of amenities and scenic appeal.
• Hunt Club Village 104-unit affordable senior living community in St. Charles, IL offering one- and two-bedroom apartments (600-1000 sq ft), located near the Fox River with convenient access to shopping centers and a serene setting.
• Belmont Place Senior Apartments Affordable senior living community in Chicago's Belmont Cragin neighborhood offering 110 one-bedroom apartments (~500 sq ft) with amenities including weekly continental breakfast, community spaces, outdoor patio, and assigned parking.
• Emerald Village 97 affordable senior apartments in Schaumburg, IL across four stories (600-1000 sq ft) featuring recent upgrades and renovations, dedicated staff, and a range of amenities.
• Forest Oaks Affordable senior housing community in Forest Park, IL offering 56 one- and two-bedroom units (600-900 sq ft) for adults 55+, combining luxury living features with affordable rents.
• Town Center Pointe Brand new 5-story affordable senior living community in Richton Park, IL offering 55 modern one- and two-bedroom apartments (600-850 sq ft) built as a 2024 development.

Quantifiable outcome

• Over 20 years of operating affordable senior housing since 1995
• +2 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Inspired Home CarecoreImplementation/ SI/ Consulting PartnerOn-site home care agency locations at several Carefree properties. Provides optional supportive services including private duty services and home health aides to help residents age in place comfortably. Coordinates wellness activities and can assist residents in achieving their goal of aging in place.
• Community Physical TherapycoreImplementation/ SI/ Consulting PartnerOn-site physical therapy and rehabilitation services at several Carefree properties. Provides residents with access to physical/rehab therapy services on-site, supporting the age-in-place philosophy and resident wellness programs.
• U.S. Department of Housing and Urban Development (HUD)coreOthersFederal housing agency providing tax credits and financing programs that enable Carefree to offer affordable rental units. All Carefree communities participate in HUD-affiliated affordable housing programs.
• Illinois Housing Development Authority (IHDA)coreOthersState housing agency providing tax credits and financing programs for affordable housing development. IHDA financing enables the affordable rent structure at Carefree communities.
• Ride DuPageminorOthersTransportation service offered to Liberty Village residents at a subsidized rate for those without personal transportation. Provides seniors with reliable access to the greater DuPage County area.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Sunrise Senior Living: Large national senior living operator with multiple Chicago-area communities offering independent living, assisted living, and memory care. Comparable in independent living product offering but operates at much larger scale and serves a broader income spectrum.
• Brookdale Senior Living: Largest U.S. senior living operator with hundreds of communities nationwide including in Illinois. Comparable in core senior independent/assisted living product but operates at vastly larger scale with broader service offerings and a wider income spectrum.
• Atria Senior Living: Large national senior living operator with a significant portfolio of independent living, assisted living, and memory care communities. Comparable in independent living offering but operates at much larger scale and serves primarily private-pay residents rather than affordable/LIHTC.
• Five Star Senior Living: National senior living operator offering independent living, assisted living, and memory care across many U.S. markets. Comparable in senior independent living product offering but operates at much larger scale with broader geographic reach and private-pay focus.

Direct peers

• Gardant Management Solutions: Illinois-based management company operating affordable assisted living and supportive living communities across Illinois. Highly comparable in geography (Illinois focus), affordable housing model, and target demographic (low-to-moderate income seniors).
• Bickford Senior Living (Enlivant): Mid-size senior living operator with communities across the Midwest and beyond. Comparable in scale (similar unit count range), midwest market focus, and independent/assisted living product offering.
• Senior Lifestyle Corporation: Chicago-based senior living operator with multiple communities across the Midwest offering independent living, assisted living, and memory care. Comparable in geographic focus (Chicago area), senior independent living product, and mid-size regional operator profile.

Emerging players

• National Church Residences: Nonprofit organization providing affordable senior housing, CCRCs, and supportive services across multiple states. Comparable in mission-driven affordable senior housing model and use of LIHTC/HUD-style financing.
• Retirement Housing Foundation (RHF): Nonprofit affordable senior housing provider operating communities nationwide for low and moderate income seniors. Comparable in affordable senior housing mission, LIHTC-financed model, and target demographic of seniors with limited income.

Others

• Volunteers of America National Services: National nonprofit operating affordable senior housing, assisted living, and supportive services across many states. Comparable in affordable senior housing mission and government-financed operating model, though broader scope includes other vulnerable populations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/housingseniors
• LinkedInlinkedin.com/company/carefree-development

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Affordable Housing for Seniors