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.[1] Rent banks are a homelessness prevention strategy.[2] 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.[3] Loan repayment rate is roughly 67%, with loans usually a little under $1000.[1][4]
Examples of rent banks
editCity of Toronto
editThe 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.[5][6] The program is funded directly by the City of Toronto and administered by the non-profit Neighbourhood Information Post[6]
British Columbia
editThe BC Rent Bank is funded by the Province of British Columbia, and managed by Vancity Community Foundation province-wide.[7] Various non-profits directly administer funds and provide loans direct to tenants.[8]
Manitoba
editOn March 29, 2021, the Government of Manitoba announced a $5.6 million-dollar rent bank.[3] 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.[3]
The program will be piloted for two years then reevaluated.
References
edit- ^ a b Courtney Dickson (22 February 2019). "B.C. budget promises $10M for province-wide rent bank". CBC. Retrieved 23 July 2019.
- ^ 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) - ^ a b c "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.
- ^ "Toronto rent bank". Nipost.
- ^ "Facing Eviction? Behind on your Rent? The Rent Bank Can Help". FMTA. Retrieved 2021-03-29.
- ^ a b "Toronto Rent Bank". torontorentbank.ca. Retrieved 2021-03-29.
- ^ "About BC Rent Bank". BC Rent Bank. Retrieved 2021-03-29.
- ^ "Find a Rent Bank Location". BC Rent Bank. Retrieved 2021-03-29.
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