A rent bank in Nanaimo is being considered for funding, which would help cover costs for those on the brink of eviction. (Shutterstock)

By Spencer Sterritt

rental assistance

Rent bank for Nanaimo tenants facing eviction closer to reality

Jul 23, 2020 | 3:42 PM

NANAIMO — There’s more hope on the horizon for low-income tenants struggling to make rent.

A rent bank, which provides no-or-low interest loans to tenants facing eviction, is in the process of being created in Nanaimo.

Social planner Dave Stewart updated the City’s health and housing task force on Wednesday, saying their application to an expression of interest from the BC Rent Bank was successful.

“We have been selected to go to Phase 2,” Stewart said. “Things are moving along in a very positive way.”

Phase two of the application involves the City of Nanaimo supporting the potential rent bank to keep it sustainable.

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Stewart said the roughly $90,000 a year the City receives as a tax on short-term rentals would be used.

“We thought that was a really good fit for the rent bank to provide some sustainable funding to get this program not only started but hopefully carry it on through the years.”

If Nanaimo is selected by the BC Rent Bank, it will start as a one-year pilot project managed by the John Howard Society.

During the pilot project, it will be supported by other rent banks who’ve operated in BC for the last 15 years.

Approving the $90,000 for the project will now come to the Council table, where it’s expected to pass.

spencer@nanaimonewsnow.com

On Twitter: @SpencerSterritt