About BC Rent Bank
What is BC Rent Bank?
BC Rent Bank is a project of Vancity Community Foundation, and funded by the Province of BC. The mandate of the BC Rent Bank is:
- To support the funding of existing rent banks;
- To provide support and seed funding for the establishment of new rent banks in BC; and,
- To create the infrastructure necessary to support a potential future province-wide rent bank system or service.
BC Rent Bank’s goal is that regardless of where you live in the province, you can be supported to help maintain your housing. This goal has not yet been achieved, and establishing a province-wide infrastructure is our strategic focus over the next two years of the project.
BC Rent Bank does not directly provide rent loans to tenants. These loans are currently administered through local rent banks, operated by non-profits in communities around BC.
What is a Rent Bank?
A rent bank is a short-term or temporary homelessness prevention tool that helps to provide housing stability for low- to moderate-income renters who are unable to pay rent or utilities due episodes or emergencies that compromise their ability to pay. Rent banks complement these loans with access to other information and supports – including financial advice, mediations between renters and landlords, or access to other supports and services – to help stabilize their housing in the future.
A rent bank provides financial assistance in the form of a repayable loan, to households at risk of eviction for reasons such as non-payment of rent or utilities. Rent banks can also aid with individuals by providing a damage deposit to make the move.
A Steering Committee has been established to act in an advisory capacity for the BC Rent Bank Project. The Steering Committee is a diverse group of stakeholders whose range of expertise in their fields offers valuable perspectives facing both landlords and tenants. We know that in working towards solutions for renters in the province we need all stakeholders – tenants, landlords, regulators, investors, service providers and developers – talking together to bring greater understanding to the realities that all parties face.
Current members of the Steering Committee include: