The city of Burnaby will be getting its first rent bank, as the provincial rent bank expands its service to help mitigate the financial impact of the COVID-19 pandemic.
The BC Rent Bank offers financial assistance to low-income renters who are struggling to meet their rents – a service rapidly increasing in need amid one of the sharpest economic downturns since the Great Depression.
It was created in December 2018 through a partnership led by Vancity Community Foundation, with funding from the B.C. government, based on a recommendation from the province’s rental housing task force.
The rent bank announced it would be sending more money to help local rent banks throughout B.C. to keep up with the surge in demand.
“Rent banks have played a vital role over the past decade in addressing B.C.’s housing crisis, and its support is needed more than ever, as many workers are losing their jobs and are fearful of falling into rent arrears due to a dramatic loss in income,” reads a news release from the BC Rent Bank.
The increased funding will also allow three existing rent banks to expand into new communities, including one that will begin offering its services in Burnaby. Another will expand into the North Okanagan and Columbia-Shuswap regional districts and a third will expand into the two Langley municipalities.
“Until federal and provincial relief programs recently announced by the federal and provincial governments come into effect, rent banks across BC will continue to support residents who have immediate needs,” BC Rent Bank said in its news release.
The funding is intended to offer support to those who have been affected by COVID-19, through layoffs or otherwise, and who may not qualify for typical loans.
“Coronavirus and the subsequent loss of many jobs has left renters across B.C. in financial difficulty. It’s an incredibly stressful time, and rent banks are here to support low-income renters who need help,” said BC Rent Bank project lead Melissa Giles in a written statement.
The New Westminster Rent Bank has $20,000 in additional support for renters throughout Burnaby, according to the BC Rent Bank. To date, NWRB has provided support for 80 families, including those facing medical emergencies and layoffs.
“We’re here to help those with mid- to low-income (get) through unexpected financial crises, and we are so grateful to have these partnerships working quickly and efficiently to help as many people as we can,” said NWRB case manager Bruce Foster.
