Vancouver Rent Bank Aims to Prevent Evictions
The Vancouver Rent Bank is now open, meaning that low-income residents facing the loss of housing or of essential utilities can apply for an interest-free loan to see them through a temporary financial crisis. The initiative is expected to prevent an estimated 1,600 evictions, and help keep people off the streets.
“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 in a press release. “These small timely loans will help those residents regain their financial footing so they can continue to contribute to our community and local economy.”
The Vancouver Rent Bank is funded by the City of Vancouver, Streetohome Foundation, and the Vancouver Foundation and operated by the Network of Inner City Community Services Society (NICCSS).
In addition to providing one-time loans that people will have up to two years to pay back, the rent bank will aim to increase housing stability through advocacy and referral services.