The Comox Valley Rent Bank is looking forward to its expansion and new name next month, but more funding will be needed to provide services.
Starting April 1, the rent bank will add the Strathcona, Mount Waddington and qathet regional districts to its service. It will then be renamed to the North Island Rent Bank, and they say this is because they have had great success and realized other areas did not have the benefit of a local rent bank.
Case manager Dawn Schroeder says a rent bank works with renters who are experiencing a short-term financial crisis that is impacting their ability to pay rent or essential utilities. This could look like someone fleeing an abusive relationship, a health crisis that is preventing them from working or someone who has to choose between paying their Hydro bill or feeding their family.
Tenants can apply for a rent bank loan, which is interest-free, and they can make their repayment spread out between 12 and 36 months. The goal is to prevent people from becoming homeless due to an unexpected life event.
“We really work with the individual to make that even the repayment of the rent bank loan is not a financial barrier,” said Schroeder.
However, the expansion means the organization is looking for more funding and they would also like to provide grants to clients to lower payments.
“Because the cost of living is so high, we are hoping to reduce their payments to us and we can offset those costs by offering grants,” said Schroeder.
While the cost of this service is expected to fluctuate, she says getting the word out and that the program will be available in these areas.
“Right now, if there’s a renter in one of those areas that needs help from the rent bank, they are getting service from the Elizabeth Fry Society, which is based out of Kamloops,” said Schroeder.
“The benefit of having a local rent bank is that we are working with community partners to really make sure that the person is getting all of the help they need to get them through the financial situation they find themselves in.”
To qualify for a rent bank loan, it must be under $3,000, the applicant cannot be more than two months behind in rent, can repay the loan and be able to show the rental/lease agreement along with two pieces of ID (one photo) along with three months of bank statements.
More information can be found on the rent bank’s website.
