When a Crisis Hit, a Mission-Driven Financial Institution Stepped In
The pandemic disrupted lives across the world—and for Christine V., it was the spark that set off a chain of challenges. She lost her job, her kids got sick, and over time, she found herself more than $33,000 behind on her mortgage payments.
On the brink of losing her home to foreclosure, Christine recalls being “extremely overwhelmed and discouraged.” She knew she had to do something to keep a roof over her family’s head because, as she said, “that’s all we have.”
Determined to save their family home, Christine sought help. Through the Illinois Housing and Development Authority (IHDA), she discovered that Great Lakes Credit Union (GLCU) —a mission-driven financial institution that does more than offer mortgages. As one of just a few credit unions nationwide with a HUD-approved housing and financial counseling program, GLCU plays a critical role in helping families not only access homeownership, but retain it during times of financial distress
A CDFI Credit Union with Deep Roots in Community Support
GLCU is a CNote Impact Cash® partner headquartered in Illinois, serving over 80,000 members. As a certified Community Development Financial Institution (CDFI), GLCU works to expand financial access and stability through inclusive products and community-rooted programs. Its nonprofit arm, the GLCU Foundation, delivers free housing and financial counseling services across the region.
Christine was referred to the GLCU Foundation, the credit union’s nonprofit arm focused on providing housing and financial counseling, community grants, and educational resources. That’s how she met Jessie Flores, one of the Foundation’s six HUD-certified counselors.
HUD Housing Counseling That Goes Beyond Paperwork
Jessie discovered Christine’s mortgage lender had started foreclosure proceedings. She worked with Christine to apply for a grant through the Illinois Emergency Homeowner Assistance Fund (ILHAF).
Meanwhile, Jessie helped Christine review her expenses and determine the status of her financial situation. Not only was Christine’s mortgage severely in default, but she was also at risk of having her water shut off. Jessie immediately helped Christine create an action plan.
The two worked together tirelessly for two months, during which time Jessie provided much-needed direction, resources, and support to Christine. Christine applied for assistance with her water bill through Kendall Grundy Community Action. She applied for the SNAP program, as well as the Nicor and ComEd financial assistance programs to help bring her utilities current.
Their persistence paid off. During a follow-up call, Christine was happy to report she was approved for all the programs she applied for! Her mortgage is current, and her utility bills are affordable now.
Hard times can fall on anyone. But it’s especially sweet when there’s a happy ending. Christine’s decision to act quickly and seek help saved her home, and she said she’s grateful to the GLCU Foundation for helping her turn her financial situation around for the better.
“I’m so thankful to Jessie and the GLCU Foundation! I really appreciate all the support they have given me,” Christine said.
Preventing Foreclosure, Preserving Stability: GLCU
Christine’s story is a great example of the work GLCU, and other CDFI credit unions achieve every day. In 2024 alone, GLCU’s HUD-certified counseling team worked with more than 1,000 individuals and families to navigate housing instability—helping preserve over $7.9 million in home value through foreclosure intervention services. Many of those served were nonmembers referred through community networks, reflecting the broader reach of GLCU’s mission. The credit union’s investment in personalized support—whether through utility assistance, mortgage guidance, or long-term financial planning—has made it a critical safety net for residents facing economic shocks. At a time when one missed payment can lead to cascading consequences, institutions like GLCU ensure that people have a place to turn.
Learn More:
Great Lakes Credit Union (GLCU) is a member-owned, federally insured, and certified Community Development Financial Institution (CDFI) headquartered in Illinois. Through the GLCU Foundation and its HUD-approved housing counseling program, GLCU provides critical foreclosure prevention services, financial education, and community grants to help individuals and families achieve long-term housing stability.
CNote is a women-led investment platform that enables individuals and institutions to invest in mission-driven financial partners like GLCU. Through programs like Impact Cash®, CNote helps connect corporate and foundation capital with CDFI credit unions to expand inclusive access to housing, financial services, and economic opportunity across the U.S.
Are you a mission-driven financial institution that wants to learn more about accessing deposits through CNote? Click here.
