Rent bank

A rent bank is a predominantly Canadian service that provides interest-free loans to low-income households who have regular income but face eviction as a result of a short-term financial crisis. Rent banks are a homelessness prevention strategy. By providing tenants with an upfront loan that can be used to pay for rent, utilities, or other unexpected cost tenants, housing stability is guaranteed and evictions are reduced. Loan repayment rate is roughly 67%, with loans usually a little under $1000.

Examples of rent banks

City of Toronto

The Toronto Rent Bank provides up to two-months of rent for tenants facing eviction due to unpaid rent or seeking to move into more suitable housing. The program is funded directly by the City of Toronto and administered by the non-profit Neighbourhood Information Post

British Columbia

The BC Rent Bank is funded by the Province of British Columbia, and managed by Vancity Community Foundation province-wide. Various non-profits directly administer funds and provide loans direct to tenants.

Manitoba

On March 29, 2021, the Government of Manitoba announced a $5.6 million-dollar rent bank. The goal of the program is to support stable housing for low-income to moderate-income families.

The rent bank will be administered by the Manitoba Non-Profit Housing Association with funds distributed by local rent banks.

The program will be piloted for two years then reevaluated.

References

  1. 1 2 Courtney Dickson (22 February 2019). "B.C. budget promises $10M for province-wide rent bank". CBC. Retrieved 23 July 2019.
  2. ↑ Jerry Buckland, Chris Robinson, Brenda Spotton Visano (March 2018). Payday Lending in Canada in a Global Context: A Mature Industry with Chronic Challenges. Springer. p. 165. ISBN 9783319712130. Retrieved 23 July 2019.{{cite book}}: CS1 maint: multiple names: authors list (link)
  3. 1 2 3 "Province of Manitoba | News Releases | Province Announces $5.6-Million Rent Bank to Protect Families at Risk of Eviction". Province of Manitoba. Retrieved 2021-03-29.
  4. ↑ "Toronto rent bank". Nipost.
  5. ↑ "Facing Eviction? Behind on your Rent? The Rent Bank Can Help". FMTA. Retrieved 2021-03-29.
  6. 1 2 "Toronto Rent Bank". torontorentbank.ca. Retrieved 2021-03-29.
  7. ↑ "About BC Rent Bank". BC Rent Bank. Retrieved 2021-03-29.
  8. ↑ "Find a Rent Bank Location". BC Rent Bank. Retrieved 2021-03-29.