Vancity supporting a new community rent bank initiative

June 10, 2019

Vancity is collaborating with a group of community rent banks to expand access to emergency low- or no-cost loans to help renters facing eviction.

The Province of B.C. has granted $10-million to the Vancity Community Foundation (VCF), a not-for-profit foundation associated with Vancity credit union, to develop a province-wide rent bank system.

Existing rent banks are already accessing funding from the Provincial grant to ensure their immediate needs are met and their work is sustainable. Meanwhile, VCF and Vancity are consulting with rent banks to better understand their operational needs, discuss best practices, identify service gaps, and examine expanding the rent bank model to more communities across B.C.

“We’re using our financial tools and expertise to build capacity for rent banks, ensuring they have the ability to meet the needs of our communities,” says Allison Felker, interim executive director of VCF.

Vancity has been supporting rent banks in local communities for over a decade. “People with lived experience of these issues are guiding this work,” says Vancity senior manager of community investment Catherine Ludgate, adding that this new initiative means more people will be able to access funds from rent banks and avoid homelessness.

For more information, read the Province of B.C. news release.