Bank service

Rent banking service now available for tenants in crisis in four new Island communities

The service will now be available to low-income families in the regional districts of Alberni-Clayoquot, Comox, Cowichan Valley and Mount Waddington.

Rent banking services will now be available across the province, including four new communities on Vancouver Island.

The service, which provides interest-free loans to tenants in need so they don’t lose their homes, will now be available to low-income families in the regional districts of Alberni-Clayoquot, Comox, Cowichan Valley and Mount Waddington. It was already available elsewhere on the island.

“While not the ultimate solution for affordable housing in general, the services offered by rent banks are essential to prevent homelessness and must be available to all British Columbians,” said the Attorney General David Eby.

The BC Rent Bank, a project of the Vancity Community Foundation, has tentatively partnered with the Kamloops and District Elizabeth Fry Society to centralize rental banking services across the province.

BC Rent Bank is supported by a $ 10 million investment from the provincial government.

“Today, tenants across British Columbia have access to loans and rental banking services,” said Melissa Giles, the bank’s project manager. “Rental banks are more than lenders. We focus a lot on the whole person – the tenant who experiences housing insecurity and financial shocks – and we strive to take care of their well-being starting with stable and secure housing.

While the Kamloops and District Elizabeth Fry Society will temporarily coordinate coverage, the bank is working to find long-term partners who will cover the 15 new regions added to the network.

“We are excited to take on this interim role because we understand firsthand that there is a deep need for rental banking services and being able to accommodate these requests means many more tenants have access to rental financing. ’emergency to stabilize their housing,’ said Cassandra Schwarz, executive director of the Kamloops and District Elizabeth Fry Society.