The Rent Bank program is coming to qathet starting April 1. This is a service that provides interest-free loans to low-income households that have regular income, but face eviction or housing instability as a result of a short-term financial crisis.
Residents in this situation can apply for a rent bank loan to preserve their housing or keep essential services connected.
According to the 2022 Housing Implementation Plan for City of Powell River, 60 per cent of residents need affordable housing. The 2023 updated qathet Regional District (qRD) Housing Needs Assessment identifies an oversupply of single detached houses, low new building starts, and lack of secure rental housing as reasons people may experience instability in their housing situation.
“Findings from the 2023 qathet Regional District Housing Needs Report indicate that between 2016 and 2021, the number of households in the study area paying more than 30 per cent of their before-tax income on shelter increased from 13.3 per cent to 16.4 per cent,” said qRD manager of planning services Laura Roddan. “Of renter households, an average of 26 per cent were in core housing need in 2021. Having a locally administered rent bank here in the qathet region would provide some much needed supports for residents in core housing need.”
Beyond lenders, rent banks are housing stability and homelessness prevention resources. They work with clients experiencing financial shocks and housing insecurity, and they take a range of approaches to address these issues holistically. They also offer individualized support services 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.
The Rent Bank for the qathet region will be operated by the newly formed North Island Rent Bank, which covers qathet and Comox Valley to Port Hardy. North Island Rent Bank is funded by the BC Rent Bank and will work with local service providers to help promote the service and connect residents to the Rent Bank and to other service providers as needed.
“It has taken some time for rent banks in BC to roll out, but we’re really excited by the progress made in the Comox Valley,” said Caitlin Bryant, First Credit Union impact manager in qathet. “It’s an honour to support these community-led initiatives and to help convene community partners for opportunities to collaborate and learn from each other's experiences. The experience that the Comox Valley Rent Bank brings from the last few years of planning and operations will be invaluable to our region.”
Rent bank loans can be used for: rent payment or arrears; essential utility payment or arrears (essential utilities include hydro and gas); security deposit, pet deposit or first month’s rent for tenants who have recently secured stable, long term housing. Loans are paid directly to landlords or utility companies on behalf of tenants.
For more information about the qathet Rent Bank, including how to apply, go to Comox Valley Regional Rent Bank’s website at cvahs.com/cvrentbank.
Lisa Moffatt is founder of Resilience Planning, a qathet-based consulting firm working with communities on housing and climate action issues. She co-authored City of Powell River’s Housing Implementation Plan.
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