VICTORIA, BC: BC 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.
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.
“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.”
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.
To find the list of communities that are served by BC Rent Bank, visit: https://bcrentbank.ca/locations/