First Ever Rent Bank Launches in Nanaimo Region

City of Nanaimo, John Howard Society and BC Rent Bank team up to support renters

NEWS RELEASE - Distributed February 11, 2021 2:00 PM

Summary

On January 18th, Nanaimo's first ever rent bank was launched. 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 to episodes or emergencies that compromise their ability to pay. The rent is supported by the City of Nanaimo and BC Rent Bank and operated by the Nanaimo Region John Howard Society. Establishing a rent bank is one of the goals of the City's Affordable Housing Strategy. In order to achieve this goal, the City worked with BC Rent Bank to establish a local rent bank in the Nanaimo area.

On July 27, 2020, Council allocated $90,603 from Housing Legacy Reserve funds received through the Online Accommodation Platform (OAP) to the Nanaimo Region John Howard Society in order to operate a local rent bank as a temporary pilot project. OAP funds are received by the City through a tax on short-term rentals in Nanaimo. An additional $43,000 of funding and in-kind support was also awarded from BC Rent Bank to support the project, including supporting funding for those living in the Region outside of the City. Since the Rent Bank was established, the Nanaimo Homeless Coalition has allocated an additional $100,000 from the Government of Canada's Reaching Home: Canada's Homelessness Strategy distributed by United Way Central & Northern Vancouver Island.

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. Most individuals who receive a rent bank loan do not qualify for traditional loans from banks, due to a poor credit score, unstable work, and/or not having collateral to guarantee the loan. The goal of rent bank loans is to ensure households are able to stay in their homes during a time of temporary crisis. In addition to providing loans, rent banks also provide needed support for renters who need assistance accessing other supports to help them maintain their housing.

The rent bank will be available to residents of the City of Nanaimo and the Regional District of Nanaimo. Those individuals requesting rent bank support are encouraged to apply online at https://bcrentbank.ca/apply/ or to contact the John Howard Society at 250-754-1266.

Link to Strategic Plan: This rent bank support the provision of affordable and accessible housing for all our community needs.

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