June 10, 2019
The Province of B.C. has granted $10-million to the Vancity Community Foundation to develop a sustainable provincial rent bank program.
Rent banks provide emergency low- or no-cost loans to help renters facing eviction. The funding announced earlier today by the Honourable Shane Simpson, Minister of Social Development and Poverty Reduction, means more renters facing short-term financial difficulties will soon have better access to assistance from community rent banks.
Vancity Community Foundation and Vancity credit union are already working with existing rent banks to better understand their operational needs, discuss best practices, identify service gaps, and examine expanding the rent bank model to more communities across B.C.
“We’re using our financial tools and expertise to build capacity for rent banks, ensuring they have the ability to meet the needs of our communities,” said Allison Felker, interim executive director of Vancity Community Foundation. Existing rent banks have been able to access funding from the grant to meet their immediate needs and, following consultations, additional funding will go towards expanded access to rent banks so that more renters can be supported.
For more information about the announcement, read the Province of B.C. news release.