Office of the Premier
More renters with low to moderate incomes will be able to get financial support as the Province provides additional funding to BC Rent Bank to help people sustain their housing when faced with an unanticipated financial challenge.
“We know that people are feeling the impacts of high rents and inflation, and that’s making it hard for them to pay their bills and rent,” said Ravi Kahlon, Minister of Housing. “When people are faced with an unanticipated financial challenge, BC Rent Bank is there to help stabilize them. For many people in B.C., this funding can mean the difference between having a safe home or losing it.”
The Province is investing nearly $11 million in additional funding to BC Rent Bank to continue to help people maintain their homes in times of immediate financial need. This funding has the potential to support as many as 20,000 renters through unforeseen financial challenges. BC Rent Bank will extend these funds to regional rent banks that work with renters and provide financial assistance and support services to them.
“Our government has taken strong actions to build increased renter protections and supports throughout the province,” said Spencer Chandra Herbert, premier’s liaison for renters and MLA for Vancouver West-End. “This new funding will provide ease and peace of mind for people facing housing disruption due to growing economic demands across various aspects of their lives.”
Rent banks are a resource to prevent evictions, stabilize housing and support renters during unexpected interruptions to income that jeopardize their housing. The interest-free loans can be applied to their rent or essential utilities, or toward a deposit or first month's rent, for tenants who have secured housing but are unable to pay these requirements.
“During these times of economic crisis that affect every Canadian one way or another, it’s both refreshing and inspiring that organizations like BC Rent Bank are there to help those who are struggling,” said Kieran Sabo, a rent bank user. “It reminds us that there are still those who help people simply for the sake of helping people. And in this case, that help meant retaining my housing.”
BC Rent Bank is a project of Vancity Community Foundation and supported by the Government of B.C. It is the agency that provides support and funding to B.C.’s provincewide rent bank network.
Quotes:
Melissa Giles, managing director, BC Rent Bank –
“We’re incredibly grateful for the continued financial support by the Government of B.C. This funding will further strengthen and enhance the provincewide network that was established as a result of the funding provided in 2019. Most importantly, we know struggling renters will be helped to stay housed during these challenging economic times.”
Genesa Greening, CEO, Vancity Community Foundation –
“At the Vancity Community Foundation, our mission is to work with communities to create the economic, social and environmental conditions to collectively thrive, and key to this is how the BC Rent Bank supports renters who face sudden emergencies putting their housing at risk. The Government of B.C.’s renewed investment in the Rent Bank says a lot about their commitment to renters and we are grateful for their support.”
Quick Facts:
- The additional funding of $11 million builds on a $10-million investment made by the Province in 2018-19.
- Rent banks provide financial assistance to renters.
- They also provide or co-ordinate connections to other services, such as financial literacy and debt relief, government benefits and housing supports, landlord mediation, physical needs, such as food and clothing, and referrals that support physical, mental and emotional well-being.
- A BC Rent Bank housing survey in 2021 determined that rent-bank assistance increased housing stability and prevented eviction for nearly all rent bank users who responded to the survey.
- B.C became the first province to provide 100% rent-bank coverage throughout the province in 2021.
Learn More:
To find the list of communities that are served by BC Rent Bank, visit: https://bcrentbank.ca/locations/
To read more about the BC Rent Bank housing survey results, visit: https://news.gov.bc.ca/releases/2022AG0120-001248
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for people in British Columbia, visit: https://strongerbc.gov.bc.ca/housing
To learn more about the latest action plan to deliver more homes for people faster, visit: https://news.gov.bc.ca/files/Homes_For_People.pdf
