How the Comox Valley Regional Rent Bank (CVRRB) is helping local renters keep their homes
In September of 2022, the Comox Valley Regional Rent Bank officially launched as a housing stability resource for renters living in the Comox Valley Regional District.
Picture this… a family is going along and “making it work”, that is - until something major happens with their vehicle. The family cannot go without a car, as they rely on it for transport to work and school; but they also can’t afford the car repairs on top of their rent and utilities that month… This is where a rent bank would come in!
Rent banks are services that provide loans to low-income households who otherwise have regular income, but are facing eviction or housing instability due to a short-term financial crisis (such as job-loss, illness, emergency, etc.). The loans provided by rent banks are small (CVRRB maximum is approx. $3500/loan), and do not incur interest (however, please be aware a small processing fee [approx. $1.00 - $2.50 to cover bank fees] applies for each month during the re-payment term). Rent bank loans can be used for rent payment or arrears, essential utility payments or arrears (essential utilities include hydro and gas), security deposits, pet deposits, or first month’s rent for tenants who have recently secured stable, long term housing. The loans are usually repaid over 6- to 24- months, and cheques are made out directly to landlords or utility companies on behalf of clients.
While the primary purpose of rent banks are to provide housing stability loans, case workers take a range of approaches with clients - offering individualized support that can help tenants navigate their way out of the challenges putting their housing at risk, and towards housing stability. Rent banks can offer or facilitate access to supports such as financial literacy, debt/credit counselling, landlord-tenant mediation, vocational supports, legal advocacy, counselling, and other services that contribute to financial and housing stability.
Rent banks may only be a small piece of the homelessness prevention puzzle, but they fill an important gap for renters in short-term crisis.
The Comox Valley Regional Rent Bank serves clients specifically living within the CVRD (Black Creek, Merville, Saratoga Beach, Comox, Courtenay, Cumberland, Royston, Union Bay, Buckley Bay, Denman Island, Hornby Island, and Fanny Bay), however please be aware rent bank services are available province wide.
Our rent bank is operated by the Comox Valley Affordable Housing Society, in partnership with BC Rent Bank.
While BCRB may be a main partner, the success of local community rent banks depend heavily on community support and engagement; financial support for the first year of operations has been provided by First Credit Union and the Comox Valley Community Foundation in the amount of $20,000 and $6,000 respectively. Thank you so much to these two organizations, as we would not be able to operate this program without their help.
The Comox Valley Regional Rent Bank continues to actively seek long-term funding partners that will become part of our homelessness prevention housing solutions.
To learn more about the program and how to apply, please click here. Alternatively, a direct link to the pre-assessment application is available here.