Tri-Cities SHARE Rent Bank

Eligibility criteria:

• 19 years of age or older
• Resident of or moving to the Tri-Cities (If seeking damage deposit or first month rent)
• Willing to provide two pieces of government issued ID (One with a photo)
• Cannot have any outstanding Rent Loans with us or other Rent Banks.
• Cannot be more than 2 months in arrears (rent and/or utility)
• Be a legal Canadian resident: Canadian citizen, Permanent resident or Landed Immigrant.
• Have a current bank account (In Canada).
• Have experienced a temporary, unexpected financial crisis.
• Have a regular and verifiable source of income sufficient to cover monthly living expenses.
• You are not residing in social housing. These include and are not limited to BC Housing, Transition Housing. If yes, only security deposit and/or utilities loan can be discussed
• Have no undischarged bankruptcy
• Willing to provide proof of source of income, proof of tenancy, and 3 months of up to date bank records/statements
• Can demonstrate that the loan will stabilize your housing situation long-term (at least 90+ days)
• Do not have access to other source of financial assistance during the application period (SAFER, Rental Assistance, etc.)

Application Process:

STEP 1: PRE-ASSESSMENT FORM

A Pre-Assessment form should be completed and submitted either online via the BC Rent Bank website https://apply.bcrentbank.ca/apply/share-tri-cities OR by email to esther.uwimana@sharesociety.ca OR by calling SHARE at 604.540.9161 to book an appointment during office hours with the Tri-Cities SHARE Rent Bank Coordinator.

Completed pre-assessment forms will be reviewed in the order they are received.

Completing a Pre-Assessment form does not guarantee that you are eligible for a loan. If you qualify to apply for a loan, you will then need to complete a loan application and provide supporting documents.

STEP 2: LOAN APPLICATION

The Rent Bank Coordinator will let applicants know if they qualify to apply for a loan assistance. The applicant will then be asked to complete an application form and submit all required documents.

Once the application form is completed and all required documents are received, the Rent Bank Coordinator will contact the applicant’s landlord, utility provider and/or other service providers as needed to verify information and with applicant’s permission.

NOTE: Submitting application documents does not guarantee approval for a loan.

STEP 3: APPLICATION REVIEW

TLoan applications are reviewed and approved/disapproved by a Committee.

Loans are approved based on Rent Bank funds being available and the applicant’s ability to repay the loan.

Please note that the program is about housing sustainability. If the loan application does not guarantee housing sustainability, the applicant may be referred to other resources for appropriate support.

The SHARE Rent Bank Coordinator will advise the applicant of the Committee’s decision.

STEP 4: RELEASE OF FUNDS

If the loan is approved, the SHARE Rent Bank Coordinator will arrange a meeting with the applicant to complete the loan paperwork which includes a loan repayment agreement before funds are released to the applicant’s landlord or service utility provider.

Funds are released only to the landlord or utilities provider.

STEP 5: LOAN REPAYMENT

The applicant is responsible for the repayment of the loan to SHARE Family & Community Services

Loans are repaid in monthly installments. The repayment term of a loan is determined based on the amount loaned and the applicant’s ability to repay. Repayment terms range between 6 months to 24 months.

Monthly repayments are automatically withdrawn from the applicant’s bank account OR provincial government assistance (if applicable). Loans are interest-free.

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