The Strathcona Regional District will not be providing financial support for the Connective Support Society’s Rent Bank project.
In January, the society asked the regional district whether it would be interested in providing $10,000 in annual funding to help expand the rent bank project from the Nanaimo area to the rest of the North Island. The program would be to provide interest-free loans to renters who need help making ends meet. The maximum loan amount would be $1,800 for families, $1,500 for individuals and $500 for utilities, all to be repaid over 24 months. The loans could be used for things like arrears, damage deposits, utilities or rent. Borrowers would also be given supports that would lead to more stabilized and sustainable housing.
During that meeting, directors asked staff to return with support options. As a regional district, the organization is limited to funding through grants in aid or establishing a service.
Electoral Area A director Gerald Whalley was the only director to speak on the item, saying “We’re living in a time now where many families are stressed to make their own costs meet.
“This type of thing — which is an interest-free loan — is to my mind targeting people who don’t have any collateral, probably no income and probably going to be in the high-default category,” he said. “I’m not sure that the $10,000 that they want to have annually is to pay their own salaries, or cover defaults on the loans, but I don’t think financial business is something the regional district should be involved with. That’s something that’s up to our financial institutions.”
In 2021, B.C. became the first province to provide 100 per cent rent bank coverage through the Elizabeth Fry Society. Communities without local rent banks are covered through the society, though BC Rent Bank has been working to establish local rent banks in regions of the province that currently do not have them. The organization reached out to Nanaimo-based Connective Support Society to step into that role for Vancouver Island.
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marc.kitteringham@campbellrivermirror.com
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