November 1st, 2012
A Project Aimed to Assist People in Bad Financial Situations Pay Rent Is Beginning For Vancouver Tenants
What is the Rent Bank?
Thanks to the Streettohome Foundation and the Radcliffe Foundation, tenants in Vancouver who are in danger of becoming homeless will get a life-line.
What’s the Life-Line?
The Radcliffe Foundation has contributed over $350,000 to Streettohome’s Rent Bank which will allow renters to apply for loans to help pay rent.
Can You Provide More Details?
According to the CEO of the Streetohome Foundation, this seed money for tenants in need will assist people who need money to pay their rent and keep a roof over their heads.
What Are the Details About the Loans?
The loans are for emergencies only.
They are interest free and made only a one time basis to help cover rent, a rent deposit or utility fees.
How Are the Funds Delivered?
The funds are sent directly to the landlord. This is very different than in provinces such as Ontario where payments are sent to tenants and not landlords, often leading to landlord/tenant problems.
The tenant has up to two years to pay it back. This is a good example of a way to help tenants who need a hand.
How Many People Will This Help?
This will help at least 1,600 renters avoid eviction in Vancouver per year.
Instead of Blaming Landlords, Vancouver Tenants Have a Way to Avoid Eviction When Times Are Tough.