Friday February 2, 2024 | VICTORIA, BC [Updated February 4, 2024]
by Mary P Brooke | Island Social Trends
A reminder to renters about the BC Rent Bank was held as a media session on January 31.
That came along with a $11 million funding boost announcement for the organization that helps keep people in homes that they might otherwise lose in a tough rental market.
BC Rent Bank is a project of Vancity Community Foundation and supported by the Government of BC. The funds are administered by the BC Rent Bank to support their work in helping people maintain their homes in times of immediate financial need.
With this additional funding the BC Government is recognizing the very difficult rental market in BC right now. The vacancy rate in Greater Victoria is low at 1.5% and in Greater Vancouver it’s even lower, below one percent.
Transitional support:
The BC Government’s Deputy Speaker Spencer Chandra Herbert outlined how the BC Rent Bank helps people pivot a transition between locations if they are required to move, and/or to stay housed in some manner.
The main thrust behind the loans is to be a resource to prevent evictions, helping to prevent circumstantial homelessness.
“This investment will change thousands of peoples lives for the better,” says Chandra Hebert.
Hardship, not crisis:
The BC Rent Bank loans require a relatively detailed application to be filled out online. That is followed up by a phone-call consultation.
Loans are issued interest-free. If funds are issued, they are paid directly to the landlord.
The loans are to help people pivot. Applicants must prove the ability to repay.
Why the Rent Bank?
“People are facing the impacts of global inflation and high costs. That’s why we’re taking action with more supports from BC Rent Bank to help thousands of renters with low to moderate incomes to keep their home during a short-term financial crisis,” said Chandra Herbert.
More renters with low to moderate incomes will be able to get the financial support as the Province provides additional funding to BC Rent Bank to help people sustain their housing when faced with an unanticipated financial challenge.
It’s meant for helping renters keep up with payments if they’re met with an unforeseen expense.
Full BC Government news release – January 31, 2024:
“We know that people are feeling the impacts of high rents and inflation, and that’s making it hard for them pay their bills and rent,” said Ravi Kahlon, Minister of Housing. “When people are faced with an unanticipated financial challenge, BC Rent Bank is there to help stabilize them. For many people in B.C., this funding can mean the difference between having a safe home or losing it.”
The Province is investing nearly $11 million in additional funding to BC Rent Bank to continue to help people maintain their homes in times of immediate financial need. This funding has the potential to support as many as 20,000 renters through unforeseen financial challenges. BC Rent Bank will extend these funds to regional rent banks that work with renters and provide financial assistance and support services to them.
“Our government has taken strong actions to build increased renter protections and supports throughout the province,” said Spencer Chandra Herbert, premier’s liaison for renters and MLA for Vancouver West-End. “This new funding will provide ease and peace of mind for people facing housing disruption due to growing economic demands across various aspects of their lives.”
Rent banks are a resource to prevent evictions, stabilize housing and support renters during unexpected interruptions to income that jeopardize their housing. The interest-free loans can be applied to their rent or essential utilities, or toward a deposit or first month’s rent, for tenants who have secured housing but are unable to pay these requirements.
“During these times of economic crisis that affect every Canadian one way or another, it’s both refreshing and inspiring that organizations like BC Rent Bank are there to help those who are struggling,” said Kieran Sabo, a rent bank user. “It reminds us that there are still those who help people simply for the sake of helping people. And in this case, that help meant retaining my housing.”
BC Rent Bank is a project of Vancity Community Foundation and supported by the Government of B.C. It is the agency that provides support and funding to B.C.’s provincewide rent bank network.”
