Colwood Rent Bank

A Rent Bank provides financial assistance in the form of a no-interest repayable loan to households at risk of eviction for reasons such as non-payment of rent or utilities. The loan can also be used as a damage deposit and/or first month's rent to move to safe and sustainable housing.

Program One-Pager

*Service providers: Please print this one page document to share in your organization.

Services

The Colwood Rent Bank assists families and individuals who meet eligibility requirements and who may be at risk of eviction or essential utility disconnection due to a short-term financial crisis.

We provide:

Interest-free, low-fee loans
Advocacy and referral services

Please review eligibility criteria below prior to submitting a Pre-Assessment

Eligibility Criteria

19 years of age or older.
- Residents of Colwood OR moving to Colwood (with a rental agreement when seeking security deposit and/or first month’s rent).
  Note: In exceptional cases, financial assistance may be available for those moving out of Colwood. Residents of other municipalities in Greater Victoria should apply to the Greater Victoria Rent Bank
Must meet low-to-moderate income requirements*
No more than 2 months behind on rent or utilities*
Have a regular source of verifiable income
Have a current bank account
Evidence funds will stabilize housing for at least 90 days
Ability to repay loan and manage any outstanding debts

*Exceptions may be made in some circumstances if all other eligibility criteria are met.

For Greater Victoria, low-income is defined* as follows:

House size	Maximum pre-tax household annual income
1 bedroom or less	$44,500
2 bedrooms	$59,500
3 bedrooms	$78,500
4+ bedrooms	$84,500

Household Income Limits are determined by BC Housing

Go to Pre-Assessment Form

Required Documents

for application:

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 ALL bank account and credit card statements (including statements of all debt)

Proof of income

Please Note: BC Rent Bank and the Community Social Planning Council will use your personal information only for assessment and administration purposes in accordance with the guidelines of the BC Rent Bank Privacy Statement.

The Process

Step 1: Pre-assessment Form

Step 2: Application & Review

Step 3: Follow-up

Step 4: Loan Decision

Our Loan Review Committee will review completed applications. Loans are approved based on three criteria:

the likelihood a loan will stabilize housing,
the applicant’s financial stability, and
the applicant’s ability to repay the loan.

A Colwood Rent Bank Case Manager will notify you of the Committee’s decision. 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.

Contact Information

For agencies or service providers seeking more information, please contact a Rent Bank Program Case Manager:

Ben: ben@communitycouncil.ca OR 250-383-6166 x 3

Stephanie: stephanie@communitycouncil.ca OR 778-966-1789

Office Hours are Monday - Thursday 9:00am - 4:30pm

#216-852 Fort Street, Victoria, BC V8W 1H8

NOTE: Due to COVID-19, the CSPC staff may be working remotely. If you wish to meet in-person, please call ahead to ensure the availability of a Rent Bank Program staff person.

Frequently Asked Questions (FAQ's)

What can the 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
In some cases, moving expenses (if moving to safe/or more sustainable housing)

Is there a maximum amount someone can request?

How long does the process take?

How does someone pay back the loan?

This is an interest-free loan, but borrowers will be charged an administrative fee of $1.00/month. 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 (two years), and repayment can begin a maximum of six months after the loan agreement is signed.

Loan repayment amount examples:

A loan of $500 will require a monthly payment of approximately $22/month*
A loan of $1,500 will require a monthly repayment of approximately $64/month*
A loan of $2,000 will require a monthly repayment of approximately $84/month*

*On a 2-year term.

Monthly repayments are automatically withdrawn from your bank account or social assistance cheque.

Is there an interview?

Yes. The interview process is very in-depth; we will ask detailed questions about past, current, and future spending, budgeting (past/current), and future expected income streams. The process can seem invasive; however, the goal is to determine if the applicant meets the program criteria and if the loan will stabilise housing.

*Due to COVID-19, we encourage all interviews to be done virtually. If you do not have access to a computer or phone, please contact the Colwood Rent Bank staff for further options.

How are the funds provided?

Financial Support for the Colwood Rent Bank is provided by

Additional financial support for the Colwood Rent Bank is provided by

This rent bank is supported by BC Rent Bank, a project of Vancity Community Foundation funded by the Province of BC.

BC Rent Bank has a three-year mandate to create the infrastructure necessary to support a province-wide rent bank system.