Renters in low- to moderate-income households in Burnaby have access to a brand-new rent bank.
A rent bank is a homelessness prevention tool that helps to provide housing stability for renters in low- to moderate-income households, who are unable to pay rent or utilities due to unanticipated expenses or emergencies that compromise their ability to pay.
Burnaby rents are some of the most expensive in all of Canada.
Rent banks provide small, interest-free loans to renters who have the ability to repay the loans over a six- to 24-month period.
“We are working hard to expand the rent bank network in B.C. by partnering with non-profits in communities throughout the province to bring these much-needed rent bank services to even more people,” says Melissa Giles, BC Rent Bank’s Project Lead. “With funding from the provincial government, we have been able to provide seed funding to new locations and we’re achieving our mandate of supporting renters by preventing homelessness.”
Rent banks complement loans with access to other information and supports – including financial advice, mediations between renters and landlords, or access to other community supports and services to help stabilize an individual’s housing in the future. The most common uses of rent bank loans are:
- Money owed for rent
- Payment of utilities that are overdue
- Security deposit or first month’s rent to help people gain access to housing.
In B.C., rent banks:
- Advocate on behalf of individuals to landlord/tenancy boards, utilities corporations, etc.;
- Mediate conversations between individual tenants and their landlords and others;
- Provide referrals to other agencies for access to food, clothing, transportation support, and more;
- Help tenants to access government subsidies, programs and/or benefits that individuals may be eligible for.
Since BC Rent Bank was established in June 2019, the rent bank network in the province has doubled from seven in 2019, to 16 rent banks by January 2021. Rent banks may not be an option for renters who do not have any income source or capacity to repay a loan. Renters should check with their local rent bank for details on how to qualify for a rent bank loan.
For more information, visit http://bcrentbank.ca
