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The rental bank is on its way
Are you short of rent this month? Has your bill expired? Need help getting a security deposit?
These are some of the common reasons someone should use a bank for rentals, and in the new year central Okanagan residents can expect to access this service.
BC Rent Bank is bringing five new leasing banks to communities in British Columbia to provide greater housing stability for tenants in the province. In central Okanagan, BC Rent Bank partnered with CMHA Kelowna to introduce the new service.
“We are working hard to expand the rental banking network in BC by partnering with nonprofits in communities across the province to bring these much needed rental banking services to even more people,” says Melissa Giles, Head of the BC Rent Bank project.
“With provincial government funding, we have been able to provide initial funding for new locations and are fulfilling our mandate to support renters by preventing homelessness.”
Rental banks aim to help renters in low or moderate income households who cannot pay rent or utilities due to unforeseen circumstances. Rental banks provide small, interest-free loans to eligible individuals who have the ability to repay the loans over a period of six to 24 months.
“With the pressures of rising cost of living, there are a lot of people missing just one or two paychecks from not being able to pay the rent,” says Shelagh Turner, executive director of CMHA Kelowna.
“The launch of the Central Okanagan Rent Bank pilot project in January 2021 will help increase housing stability in our community by offering repayable interest-free loans to eligible tenants in Central Okanagan.”
Those using the rental bank will have the ability to access other aids such as financial advice, renter-owner mediation, community services, and more.
BC Rent Bank was created in June 2019 and by January 2021 there will be 16 in the province.
Click here to find out more.
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