Rental banks offer interest-free loans to tenants facing crisis – Comox Valley Record
Low to moderate income tenants in the Comox Valley facing financial challenges now have access to rental banking services, which offer interest-free loans.
The province recently announced that all districts in British Columbia can access the services provided by the BC Rent Bank.
Loans of up to $ 3,500 are available for tenants in an emergency so they don’t lose their homes. Repayment terms can range from six months to three years. Loans can be applied against rent or utilities, or deposit or first month’s rent for tenants who have secured housing but are unable to pay these requirements.
“It really hits a target market that we can’t always reach,” said Angela Fletcher, coordinator of the Comox Valley Coalition to End Homelessness. “It’s a great option.”
She notes that many renters who earn moderate incomes find it difficult to make ends meet month-to-month, especially in light of increases in rent and house costs. An interest-free loan could save your life in a crisis like dental work or car repairs.
“I think this is great service, an opportunity for our community, because it touches some people that we can’t always help,” said Fletcher.
BC Rent Bank is a project of the Vancity Community Foundation. The province provided $ 10 million to the project, which needs local agencies to provide the service.
“Rent banks are temporary solutions for some people in housing crisis,” David Eby, attorney general and minister responsible for housing, said in a statement. “While not the ultimate solution for affordable housing in general, the services offered by rental banks are essential to prevent homelessness and must be available to all British Columbians. “