Government invests $11M into rent banks across BC

The Ministry of Housing has announced that it is investing $11 million into the BC Rent Bank to help people who are struggling to pay their rent.

The province estimates that the funding could support as many as 20,000 rents who are faced with unforeseen financial challenges.

“This funding will further strengthen and enhance the province-wide network that was established as a result of the funding provided in 2019,” says Melissa Giles, managing director, BC Rent Bank.

“Most importantly, we know struggling renters will be helped to stay housed during these challenging economic times.”

The ministry explains that rent banks, which were introduced in 2019, 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 secured housing but are unable to pay those fees.

The maximum loan amount is up to $3, 500 and repayment terms are from six months to 36 months.

A 2021 study showed that 61% of respondents said they would have faced homelessness had they not received help from a rent bank.

The money will be distributed to regional rent banks that work with renters and provide financial assistance and support service to them.

“We know that people are feeling the impacts of high rents and inflation, and that’s making it hard for them to 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 BC, this funding can mean the difference between having a safe home or losing it.”

For more information on rent banks near you, click here.