NANAIMO – Nanaimo region NDP MLAs are welcoming a new rent bank that will be accessible to low-to-moderate income households in the community starting in January 2021.

“People are still struggling with housing costs here, so we’re working hard to make sure a missed rent cheque doesn’t risk homelessness,” said Sheila Malcolmson, MLA for Nanaimo. “With new tools we’re bringing to Nanaimo to help people bridge the gap in emergencies, we are strengthening resiliency in our community and local economy.”

A rent bank is a homelessness prevention tool that helps to provide housing stability for renters in low- to moderate-income households who are unable to pay rent or utilities due to unanticipated expenses or emergencies that compromise their ability to pay. Rent banks provide small, interest-free loans to renters who have the ability to repay the loans over a six- to 24-month period.

Rent banks complement loans with access to other information and supports – including financial advice, mediations between renters and landlords, or access to other community supports and services to help stabilize an individual’s housing in the future.

BC Rent Bank is a project of Vancity Community Foundation and funded by the Province of BC.

The BC New Democrats are committed to supporting renters and addressing the housing crisis so everyone can get ahead.

Quotes:

Doug Routley, MLA for Nanaimo-North Cowichan:

“I’m so pleased to see this rent bank come to our community. People in our region have been hard hit by the challenges brought on by COVID-19; our government is delivering on measures that will provide stability and security to those in need.”

Adam Walker, MLA for Parksville-Qualicum:

“We are committed to making life more affordable for people across B.C. and here at home. This new rent bank will provide relief to individuals and families, so they can prioritize their most urgent needs.”

For more information or to find your local rent bank, visit http://bcrentbank.ca.