Monday, November 29, 2021

BC Rent Bank program offers supports to stabilize rental housing during short term financial challenges

The Province of British Columbia along with North Coast MLA Jennifer Rice are steering renters facing some financial challenges in the direction of the BC Rent Bank, a province wide initiative that looks to offer support for tenants  through interest free loans to put towards rent and essential utility costs. 

The program is designed to provide housing stability and prevent homelessness by offering the loans to help renters navigate difficult times. 

In an announcement from last week, the provincial government noted how BC was the first in the country to offer 100 precent rent bank coverage for those that need the assistance.

North Coast MLA Jennifer Rice, used her Social Media stream on Friday to outline more on the program

As the province explains it further:

Rent banks provide interest-free loans for tenants in urgent circumstances so they do not lose their housing. BC Rent Bank, a project of the Vancity Community Foundation, is partnering with the Kamloops and District Elizabeth Fry Society on an interim basis to centralize rent bank services throughout the province. 

This means people in communities that did not previously have access to rent bank loans and services, including on Vancouver Island, in the south Okanagan and in northern B.C., can now access help to stay in stable housing wherever they are in the province. 

 BC Rent Bank, which is supported by a $10-million investment from the provincial government, is working to secure long-term partners to provide rent bank services in each of the newly covered 15 regions to localize services and support the delivery of other wraparound services to rent bank clients.

From the programs Frequently Asked Questions page, some of the element of the program are explained.

Starting with the Most common use of the Red Bank Loans

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Also outlined is the criteria that program officials use to determine whether the program is the right fit.

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The scope of the interest free loans is explained as well

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Applicants for the program can get their start from this online resource

A look at the housing situation in Prince Rupert and area is available through our archive page here.

A wider overview of the MLA's work can be explored from our Legislature archive page.

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