Additional Rent-Bank Funding Will Benefit More People

The British Columbia government announced Wednesday it will provide $11 million in additional funding to the provincial rent bank to help people who are struggling to make rental payments.

“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 B.C., this funding can mean the difference between having a safe home or losing it.”

The money could support as many as 20,000 renters who are facing financial challenges, according to Melissa Giles, the managing director at BC Rent Bank.

In a 2021 study done by BC Rent Bank, 61 percent of respondents said they would have been homeless if it weren’t for the support offered by the bank.

The money will be dispersed to regional rent banks who provide interest-free loans, according to its website.

The money can be applied to rent, essential utilities, or toward a deposit or first month's rent, for tenants who have secured housing but are unable to pay these requirements.

Renters have up to three years to be able to repay the loan.

The Rent Bank started in 2019 with seven banks throughout the province, and now there are 18 of these banks in B.C.

B.C became the first province to provide 100 percent rent-bank coverage province-wide in 2021.

Last year, B.C.’s 18 rent banks helped roughly 11,000 people.

For more information, visit Government of British Columbia.