The BC Rent Bank is available to tenants that may have unanticipated short-term financial challenges and cannot pay their rent or utilities. The bank provides housing stability and acts as homelessness prevention.
The interest-free Rent Bank loans can be used for:
- Rent payments or arrears
- Utility payments or arrears (essential utilities only such as electricity and heat)
- Security deposit and pet deposits, or first month’s rent
The loan monies are paid directly to landlords or utility companies, on behalf of tenants.
As of two years ago there were only seven rent bank locations in the Metro Vancouver area, now The Rent Bank is available to every area of British Columbia.
The Rent Bank, a project of the Vancity Community Foundation, has partnered with Kamloops and District Elizabeth Fry Society to provide rent bank services throughout the province. This means people in communities that did not previously have access to rent bank loans and services including the South Okanagan communties of Penticton, Osoyoos, Oliver and Okanagan Falls, can now access assistance.
Cassandra Schwarz, executive director, Kamloops and District Elizabeth Fry Society, states “We are excited to take on this interim role because we understand first-hand that there is a deep need for rent bank services and being able to receive these applications translates into many more renters having access to emergency funding to stabilize their housing,”
To apply for a Rent Bank loan tenants must live or be moving to the community they note on the applicaiton found online here: www.bcrentbank.ca/apply