Vancouver’s rent bank launched October 10 and will start providing interest-free loans to low-income residents who face potential eviction or loss of essential utilities due to a temporary financial crisis.
The project is funded by the City of Vancouver, the Streettohome Foundation and Vancouver Foundation.
“We know that many Vancouver residents are at risk of becoming homeless due to high rents and very low vacancy rates,” said mayor Gregor Robertson.
“That’s why this new Vancouver Rent Bank is a top priority in the City’s Affordable Housing and Homelessness strategy – it will reduce homelessness by helping to prevent an estimated 1,600 evictions. These small, timely loans will help those residents regain their financial footing so they can continue to contribute to our community and local economy.”
Recipients can use the emergency loans to cover rent, damage deposits or utilities. The funds are issued directly to landlords and loan recipients can repay the loans over a two-year period.
