Nanaimo is one of five communities receiving new rent banks to help in the affordable housing crunch. (The Canadian Press)

By Spencer Sterritt

assistance

Rent bank to open in Nanaimo helping the most vulnerable stay housed

Dec 3, 2020 | 7:25 AM

NANAIMO — A rent bank is opening to assist mid-Island renters on the brink of becoming homeless.

It’s slated to open in January with funding from the City of Nanaimo and will be operated by the Nanaimo branch of the John Howard Society.

Society executive director John McCormick told NanaimoNewsNOW offering a loan for up to a few months is a vital way to stabilize someone in need.

“Once someone loses their housing, (life) becomes very difficult, especially in a community like Nanaimo with a very tight supply of rental units. If we can stabilize people and keep them housed that’s obviously the best thing possible.”

Small loans are offered with easily manageable repayment plans over a long time period of time. Loan repayment can also be waived entirely depending on the circumstance.

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McCormick said other rent banks across B.C. are well used and they expect similar results in Nanaimo.

“With the difficulties over the last nine months, with people losing employment because of COVID-19, I think we’re going to see a fair uptake on the rent bank.”

City funding of roughly $90,000 is expected to keep the rent bank open for one year.

“I would be surprised if the province at some point didn’t contribute to rent banks as needed,” McCormick said.

Operating a rent bank is in line with other programs offered by the John Howard Society.

The Nanaimo rent bank was one of five announced by the province.

spencer@nanaimonewsnow.com

On Twitter: @SpencerSterritt