Rent banks a 'lifesaver' for Canadians earning low, moderate incomes
BNN Bloomberg
The banks have different structures and offerings, but most operate through government or philanthropic donations and target low-income residents with short-term needs.
TORONTO - Luz Lopez-Dee was on the brink of eviction years ago, when she missed a government letter that was crucial for her to receive pension payments.
The retiree was awash with nerves about how she would come up with rent, while she sorted out the stopped payments and cared for her husband, who had recently had a stroke and used a wheelchair.
But much of the B.C. woman's worrying dissipated when she discovered a rent bank that loaned her enough money to avoid eviction.
“When you are faced with a crisis, you feel like what will I do and where will I go? But knowing that there are available resources, when you need help was huge,'' she said.
Rent banks, like the one that helped Lopez-Dee, lend money and sometimes offer grants for low-to-moderate income earners at risk of eviction.
They have existed for decades, but in recent years, more have cropped up to keep pace with rising rent costs, the country's constant struggle to combat homelessness and the ramifications of COVID-19.
