Rent Bank

***Holiday hours update: The Rent Bank will be closed from December 21st until January 2nd, 2019.

All loan requests submitted after December 18th will not be reviewed until January 3rd, 2019.***

The New Westminster Rent Bank (NWRB) is a housing stabilization program geared towards low-income residents of New Westminster who are experiencing a temporary financial crisis.

The NWRB can offer a low-fee, short term loan to low income individuals and families that live in the City of New Westminster and are at risk of eviction or essential utility disconnection due to a temporary shortage of funds.

Support for the Rent Bank

The NWRB is a newly-created program initiated by MLA Judy Darcy, Minister of Mental Health and Addictions.

Support for the NWRB’s operating expenses is provided by the City of New Westminster.

Financing for the loan capital was generously donated by local credit unions, including: Van City, Community Savings, GVC Credit Union, Coast Capital Savings, G&F Financial, and Westminster Savings.

Additional financial support is provided by the New Westminster Homelessness Coalition Society.

The NWRB is operated by the Lower Mainland Purpose Society.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOAN INFORMATION

What can the loan be used for?

·         Rental arrears/past due rent

·         Essential utility arrears

·         Damage/Security deposits and/or First month’s rent

Maximum loan amounts:

·         Up to $1000 for rental arrears (owing no more than 2 months of arrears)

·         Up to $500 for essential utility arrears (owing no more than 2 months of arrears)

Please note that the NWRB has limited funding, and monthly quotas determine how many loans can be issued.

How are loans distributed?

If approved, loans are distributed in cheque form. Cheques are written directly to the creditor: landlord, BC Hydro, Fortis BC or the City of New Westminster.

Loan Repayment:

Loans are repaid in monthly installments. The maximum repayment term is 24 months, subject to a $1.00/month administration fee.

Monthly repayments are automatically withdrawn from the recipient’s bank account OR provincial government assistance (if applicable).

Eligibility Criteria

Please review the program requirements:

·         Must be 19 years of age or older.

·         Must currently reside in OR be moving to the City of New Westminster (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, Convention Refugee, Landed Immigrant, or Permanent Resident.

·         Must have a current bank account and/or be receiving provincial government benefits through Income Assistance (IA), PWD, or PPMB.

·         Must be able to provide proof of a regular source of income which is sufficient to cover rent/living expenses. Rental costs must not exceed an ongoing ability to pay rent.

·         Must have a legitimate reason for experiencing a temporary financial crisis.

·         Must not have undischarged bankruptcy.

·         Must not be living in BC Housing or transitional housing.

·         Must not be able to access other forms of financial assistance.

·         Must have 2 pieces of government issued ID (One with a photo).

·         Must have an after-tax income that is less than the adjusted Low-Income Cut Off (LICO).

Please refer to the chart below:

Family Size LICO Family Size LICO
1 person $24,463 5 persons $52, 668
2 persons $29, 773 6 persons $58, 410
3 persons $37, 074 7 persons + $64, 152
4 persons $46, 253

·         Must demonstrate that the loan will stabilize the housing situation for 90+ days.

·         Must not have an outstanding loan with the NWRB.

 

Services

Everyone who submits a Pre-Assessment Form will be contacted directly by the NWRB Case Manager. Regardless of eligibility for the NWRB, the NWRB Case Manager will work to connect applicants to other appropriate services in the community.

The first step in the Rent Bank application is to complete the Pre-Assessment Form found below. Please email the completed form to Rentbank@purposesociety.org or submit in person to reception at the Lower Mainland Purpose Society. If you are submitting the form in person, reception is open Monday through Friday, from 8:30am – 5:00pm, but please note that the Rent Bank is open on Tuesdays and Thursdays.

NWRB Pre-Assessment Form

Resources:

New West City Hall Tenant Rights and Resources at:

https://www.newwestcity.ca/housing/tenant-protection-and-resources

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