Renters facing short-term financial difficulties will soon get more help and avoid evictions with new funding for community rent banks.
Rent banks provide emergency low-cost or no-cost loans to help renters facing eviction. As part of Budget 2019, the Province granted $10 million to the Vancity Community Foundation (VCF), a non-profit foundation associated with Vancity credit union, to develop a sustainable, provincewide rent bank system. Vancity has been supporting rent banks in communities for over a decade and will consult with existing rent banks to develop a sustainable provincial program.
“Preventing homelessness by helping people avoid eviction is key and rent banks play an important role,” said Shane Simpson, Minister of Social Development and Poverty Reduction, in a news release. “The province is contributing this funding to support a sustainable network of rent banks to help people in B.C., and I look forward to hearing about the consultation, and the plan that Vancity and the existing rent banks will have in place for the long term.”
VCF and Vancity are working with existing rent banks to better understand their operational needs, discuss best practices, identify service gaps and examine expanding the rent bank model to more communities throughout B.C.
Existing rent banks already have access to funding from the provincial grant to ensure their immediate needs are met and their work is sustainable. Following the consultation, funding will go toward expanding a B.C.-wide system so tenants experiencing short-term financial crisis can be supported, regardless of where they live.
“People with lived experience of these issues are guiding this work,” said Catherine Ludgate, senior manager of community investment, Vancity. “We are taking a consultative approach with the rent banks to assess how they can expand service across the province, so more people can access funds and avoid homelessness.”
Rent banks support the goals of TogetherBC, the provincial poverty reduction strategy. Implementing a B.C.-wide rent bank system was a recommendation of B.C.’s Rental Housing Task Force, following consultations with landlords and tenants throughout the province.
The funding builds on other improvements government has made to support renters in B.C., including cutting the annual allowable rent increase, introducing stronger protection for tenants during renovations or demolitions and enhancing eligibility and benefits under the Rental Assistance Program for families with children and Shelter Aid for Elderly Renters.