Cowichan Rent Bank
Please know that it can take up to 2 weeks to be approved for a Rent Bank Loan and receive funds, if eligible.
What is the Cowichan Rent Bank?
The Cowichan Rent Bank provides financial assistance in the form of a no-interest repayable loan to households who are at risk of eviction, unable to make rent payments, or pay utility bills due to a short-term financial crisis. The loan can also be used as a damage deposit and/or first month's rent to move to safe and sustainable housing. Cowichan Housing Association is supported by BC Rent Bank, a program of Vancity Community Foundation funded by the Government of B.C.
Who is eligible for a Rent Bank loan?
The following criteria must be met to be eligible for a repayable Rent Bank loan:
-
19 years of age or older
-
Resident of OR are moving to the Cowichan Region
-
Must meet low-to-moderate income requirements
-
Regular source of verifiable income
-
A current bank account
-
Must not have an undischarged bankruptcy
-
Must not be owing more than 2 months in rent
-
Demonstrate that funds will stabilize housing for at least 90 days
-
If you currently have an existing Rent Bank loan with any BC Rent Bank provider, you must be successfully making payments for a minimum of 1 year
-
Ability to repay loan and manage any outstanding debts
What documents are required to apply for a loan from the Cowichan Rent Bank?
-
Two pieces of identification (one with a photo)
-
Proof of Tenancy or Intent to Rent (ex: Residential Tenancy Agreement, Lease Agreement, or other rental agreement)
-
Eviction notice or Utility Notice of Disconnection (if applicable)
-
Three months of bank statements from ALL bank accounts (including statements of all debt)
-
Proof of all sources of income (including child tax benefits, government assistance, etc.)
Please Note: BC Rent Bank and Cowichan Housing Association will use your personal information only for assessment and administration purposes in accordance with the guidelines of the BC Rent Bank Privacy Statement.
What is the process to apply for a loan?
1
Supporting Documents
Once a Rent Bank Case Manager has reviewed your initial information, we will contact you to discuss next steps. If you appear to meet the basic eligibility criteria, you will then be asked to submit bank statements, ID, proof of tenancy, and other supporting documents.
2
Submitted for Review
If you still seem eligible for a Rent Bank loan, the Case Manager will submit an anonymous summary of your loan request and situation to the Loan Review Committee for a final decision of approval.
3
Loan Decision
Loan Review Committee will determine approval based on:
-
the likelihood a loan will stabilize housing,
-
the applicant’s financial stability, and
-
the applicant’s ability to repay the loan.
4
Final Decision
A Cowichan Rent Bank Case Manager will notify you of the Committee’s decision either way.
If the loan has been approved, the Case Manager will arrange a meeting with the applicant to complete the loan approval paperwork, including the loan repayment plan.
Loans are paid directly to the landlord via cheque and repaid by the applicant to Cowichan Rent Bank on a monthly automatic withdrawl.
5
Frequently Asked Questions
What can a Cowichan Rent Bank Loan be used for?
The purpose of the Rent Bank loan is to assist low-to-moderate income individuals and families maintain or secure safe and sustainable housing. Funds are provided to assist with:
-
Over-due rent
-
Next month’s rent
-
Essential utility arrears (e.g. heat, water, electricity)
-
Damage/security/pet deposits
-
First month’s rent
Is there a maximum amount someone can request?
Yes, there is a maximum of $3,000 based on evidence of need.
How does someone pay back a Cowichan Rent Bank Loan?
This is an interest-free loan. The repayment term of a loan is determined by the amount borrowed and the borrower’s ability to repay. The maximum repayment term is 24 months. Loans are paid back in monthly installments.
How are the funds provided to people who are awarded a Rent Bank loan?
Funds are made out directly to landlords and utility companies in the form of cheques.
Please know that it can take up to 2 weeks to be approved for a Rent Bank Loan and receive funds, if eligible.
Cowichan Housing Association is supported by BC Rent Bank, a program of Vancity Community Foundation funded by the Government of B.C.
