B.C. rent bank's expanded coverage draws bump in new applications

Over a hundred new applications have come in since B.C.'s rent bank service was extended in late November to cover the entire province, says a representative from the service. 

B.C.'s rent bank provides interest-free loans for tenants in emergency situations so that they can keep their rental housing. The service began two years ago with seven rent bank locations primarily in the Metro Vancouver area. As of late November, it now fully extends to every corner of the province through a network of non-profit organizations. 

Melissa Giles, project lead for the B.C. Rent Bank, said demand has been "incredible." 

On Vancouver Island, for example, where rent banks were started in the Greater Victoria area and Nanaimo region earlier this year, tenants sent in about 1,000 applications to these two sites. 

"Since we launched and announced the provincial coverage [on Nov. 23], we've seen over 100 applications come in from other locations on the island," said Giles. 

The rent bank provides loans of up to $2,000 to help cover housing costs. Tenants repay the loan, interest-free, over the course of six to 24 months. 

The service, which is a project the Vancity Community Foundation, is supported by a  $10-million investment from the provincial government as well as funding from municipalities, property management companies, foundations, financial institutions and private donors.

Giles says most of their clientele are low- to moderate-income earners whose debt level is not too high — no more than two months of rent in arrears, for example — with the capacity to pay back the loan. 

"We want to make sure that they have the ability to repay the loan while they continue to manage their monthly expenses," she said. 

Giles says keeping tenants housed is part of the core mission of the service. 

"Ultimately, our community benefits. We know that housing and health are interrelated. Safe affordable housing is a building block both for the well-being of the individual but also for everyone within our community," she said. 

With B.C.'s success, Giles says other provinces are taking note. 

"Manitoba has launched a pilot program. Toronto and London, Ontario, also have rent bank programs right now," she said.

"We've already been talking to other provinces and we look forward to continuing that conversation."