Burnaby Rent Bank

Burnaby Rent Bank


 

 

 

CHECK OUT THE RENT BANKS LATEST YOUTUBE VIDEO: 

https://www.youtube.com/watch?v=N8jgohgAStI

 

Rents in Metro Vancouver are expensive. The demand for rental housing is high, and there is not enough affordable housing to meet this demand. The Burnaby Rent Bank provides rent supports to help Burnaby renters stay in their housing. The Burnaby Rent Bank offers low-fee, no-interest, short-term loans to low to moderate-income individuals and families that live in Burnaby and are at risk of eviction or essential utility disconnection due to a temporary and unexpected financial crisis. This helps to increase housing stability and prevent homelessness across the City.

The Burnaby Rent Bank Case Manager handles all aspects of the client’s application process and, if helpful, connects them with additional supports to improve their financial challenges and address other barriers.  The Case Worker will make referrals as requested and reach out to other organizations that may have something to offer the client.

If you would like to donate to this important program in the Burnaby community, please donate now, online here:

LOAN INFORMATION

Purpose of Loans

Purpose Rent Banks provide support to keep low to moderate-income individuals and families housed.  Loans are provided to assist with:

  • Rental arrears/past due rent
  • Next Month’s Rent
  • Essential utility arrears
  • Pet deposits
  • First month’s rent

 

Maximum Loan Amounts

Individuals may borrow up to a maximum of $1,900.00 towards rent or rent deposits.

Families (2 or more people living in a family relationship) may borrow up to a maximum of $3,000.00 towards rent or rent deposits.

A maximum of $500.00 may be borrowed for essential utility arrears (not to exceed the maximum amounts noted for rent when combined with rent or rent deposits).

 

Eligibility Criteria

To be eligible for a loan applicants must meet the following requirements:

  • Must be 19 years of age or older.
  • Must currently reside in OR be moving to the City of Burnaby (if seeking damage deposit or first month’s rent).
  • Cannot be more than 2 months in arrears (rent and/or utility)
  • Must be a Canadian Citizen, Landed Immigrant, or Permanent Resident.
  • Must have a current bank account.
  • Must be able to provide proof of a regular source of income which is sufficient to cover monthly living expenses.
  • Must have experienced a temporary, unexpected financial crisis.
  • Must not have undischarged bankruptcy.
  • Must not be able to access other forms of financial assistance.
  • Must have 2 pieces of valid identification. One of which must be government-issued identification with a photo.
  • Must demonstrate household income is within income requirements.
  • Must demonstrate that the loan will stabilize the housing situation for 90+ days.

 

Distribution of Loan Funds

When a loan has been approved funds are issued by cheque. Cheques are payable directly to the creditor (eg. the landlord, BC Hydro, Fortis BC).

 

Loan Repayment

Loans are repaid in monthly installments. The repayment term of a loan is determined by the amount loaned and the borrower’s ability to repay.  Repayment terms range between 6 months to 36 months.

Monthly repayments are automatically withdrawn from the recipient’s bank account OR provincial government assistance (if applicable).  Loans are interest-free but subject to a $1.00 monthly administration fee.

 

Services

Everyone who submits a Pre-Assessment Form will be contacted directly by a Purpose Rent Bank staff member. Regardless of eligibility for a loan, the Purpose Rent Bank staff will work with applicants to connect them with appropriate support services within their community to assist them in addressing their needs.

The first step in the Rent Bank application is to complete a Pre-Assessment Form for the Purpose Rent Bank in your community.

NOTE:  Completing a Pre-Assessment form is only the 1st step in requesting assistance.  If you qualify for a loan you will then need to complete a Loan Application and provide supporting documentation.

Please click on the link below noted for your community.

Burnaby Pre-Assessment Form Link: https://apply.bcrentbank.ca/apply/purpose-society

 

Contact Information

For further information please feel free to contact the BRB Case Manager at:

Phone:  778-727-1142

Email:  burnabyrentbank@purposesociety.org

#1 – 4075 Kingsway, Burnaby, BC V5H 1Y9

If you are submitting the Pre-Assessment Form in person please call ahead to confirm the availability of a Purpose Rent Bank staff person to meet with you

 

DONATIONS

If you would like to help your neighbours to stay housed by providing a donation to the Purpose Rent Banks or a specific Rent Bank operated by the Lower Mainland Purpose Society please contact us at:

Phone:  604-526-2522

Email: info@purposesociety.org

To donate specifically to the Burnaby Rent Bank, click here:

https://www.canadahelps.org/en/charities/the-lower-mainland-purpose-society-for-youth-and-families/

 

FINANCIAL SUPPORT OF PURPOSE RENT BANKS

Purpose Rent Banks receive funding from the B.C. Rent Bank which is operated by the VanCity Community Foundation.

The Burnaby Rent Bank receives additional funding from the City of Burnaby.

Purpose Rent Banks are operated by the Lower Mainland Purpose Society.

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