Great Lakes Credit Union Plans Financial 'Road to Recovery' During COVID-19

A Chicago-based credit union has partnered with the Illinois Housing Development Agency to provide the state’s residents with rental and mortgage assistance amid the pandemic.

Great Lakes Credit Union said its efforts would focus on northern Illinois residents and include personalized, one-on-one housing and financial counseling to help those harmed by the global health emergency.

“The road to recovery from the ongoing financial impacts from COVID-19 is still under construction. GLCU strives to pave the way for those in our local communities to alleviate hardships wherever possible,” Steve Bugg, the credit union’s president/CEO, said. “Any assistance we can provide for the betterment of our community is a top priority for us.”

The credit union’s partnership with the Illinois Housing Development Authority is aimed at helping the state run the Emergency Rental Assistance and Emergency Mortgage Assistance programs. GLCU plans to assist Illinois residents with the online application process and by providing follow-up counseling services.

The programs will provide one-time payments of up to $5,000 of rental assistance and as much as $15,000 in mortgage payments for those who qualify. The funds can be used for rent and mortgage payments, along with homeowners association dues.

Applications for rental assistance are due by Aug. 21. The application process for mortgage assistance will run from Aug. 24 to Sept. 4. The selection process is randomized, the credit union said, and application windows might close early due to the expected high volume of requests for housing assistance.

“It’s important to us that we educate our community on the resources available to them,” Stephen Park, chairman of the credit union’s board, said. “When our community is in need, we want to ensure that they know that GLCU is behind them, advocating for tools and solutions to help them. We need to live up to those standards without exception.”