Last week, the Ministry of Housing unveiled an $11 million injection into the BC Rent Bank, aimed at aiding individuals grappling with rent payment challenges.
With this funding, the province anticipates assisting up to 20,000 renters encountering unexpected financial hurdles.
Established in 2019, rent banks serve as a crucial lifeline to prevent evictions, stabilize housing, and offer support to renters facing sudden income disruptions jeopardizing their accommodation.
“This funding will further strengthen and enhance the province-wide network that was established as a result of the funding provided in 2019,” said Melissa Giles, managing director, BC Rent Bank.
“Most importantly, we know struggling renters will be helped to stay housed during these challenging economic times.”
These interest-free loans can cover rent, essential utilities, or initial housing costs such as deposits or first-month payments for tenants who have secured housing but are struggling to cover these expenses.
Applicants can access loans of up to $3,500, with repayment periods spanning from six to 36 months.
According to a 2021 survey, 61% of respondents admitted they would have faced homelessness without assistance from a rent bank.
The allocated funds will be dispersed among regional rent banks, which collaborate with renters, providing financial aid and support services.
For more information on rent banks near you, click here.
