The BC Government is boosting funding for the BC Rent Bank by $11 million, which they say will 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 Minister of Housing Ravi Kahlon.
“When people are faced with an unanticipated financial challenge, BC Rent Bank is there to help stabilize them. For many people in BC, this funding can mean the difference between having a safe home or losing it.”
The province says the additional $11 million in funding has the potential to support as many as 20,000 renters through unforeseen financial challenges.
The funds will be extended to regional rent banks that work with renters and provide financial assistance and support services to them.
Rent banks are resources 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.
A list of local BC Rent Banks can be found here.
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