The Kamloops Rent Bank provides low interest loans in order to lower eviction rates and to help to pay for things like utility bills.
After one year in operation, a study on the service and its connection to preventing homelessness, conducted by Dr. Ehsan Latif from Thompson Rivers University, found that people who had access to a rent bank were still housed one year later.
Latif conducted interviews with clients, landlords, and staff of the Kamloops Rent Bank and found a high level of satisfaction from all areas. Clients were able to get the funding that they needed by providing proof that they would be able to pay the loan back. Evidence showed clients payed back the loans at a faster rate than other rent banks in British Columbia.
He also found that landlords were satisfied with the service because clients were able to pay their bills, which led to less evictions.
“I found that not only are the clients satisfied and still in housing, but the landlords are also very happy. This actually saves them money,” said Latif.
The study, which was funded by the Social Sciences and Humanities Research Council, was brought to the attention of Kamloops City Council. The city has agreed to fund the program by providing $15,000 annually over the next five years.
For the next phase of Dr. Latif’s research, he will be looking at other regions in B.C., including Kelowna, Nelson, Prince George, and Victoria, to determine the rate of homelessness and evictions. His research is expected to be completed within the next two years.
