BANNOCKBURN, Ill.–Great Lakes Credit Union has been approved as a funded partner agency to support the Illinois Housing Development Authority’s (IHDA) Emergency Rental Assistance (ERA) and Emergency Mortgage Assistance (EMA) programs.
The credit union said as an approved, funded partner agency, GLCU will provide support to Illinois residents across Northern Illinois with rental and mortgage assistance, personalized one-on-one housing and financial counseling to help those negatively impacted by the pandemic.
"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," said GLCU President/CEO Steve Bugg. "Any assistance we can provide for the betterment of our community is a top priority for us."
Great Leks Credit Union said its partnership with the Illinois Housing Development Authority will aid in operating the ERA and EMA programs by helping Illinois residents with the online application process and providing follow-up housing counseling services.
The program will provide one-time payments of up to $5,000 for rental assistance and up to $15,000 for mortgage assistance on a first-come, first-serve random selection basis for those that qualify. Funds are to be utilized for rent or mortgage, and homeowners association dues for one adult per household.
Volume Expected to be High
The credit union cautioned that due to the anticipated high volume, the application window may close early. The selection process is randomized; meaning an application does not guarantee assistance, GLCU added.
GLCU said for ERA applicants, approximately 30,000 tenants are expected to receive funding. For EMA applicants, approximately 10,000 homeowners are expected to receive funding.
The $1-billion Great Lakes has more than 84,000 members.