Maple Ridge Rent Bank
Maple Ridge Rent Bank
Purpose of Loans
Purpose Rent Banks provide support to keep low to moderate-income individuals and families housed. Loans are provided to assist with:
- Rental arrears/past due rent
- Next Month’s Rent
- Essential utility arrears
- Damage/Pet deposits
- First month’s rent
Maximum Loan Amounts
Individuals may borrow up to a maximum of $1,400.00 towards rent or rent deposits.
Families (2 or more people living in a family relationship) may borrow up to a maximum of $1,700.00 towards rent or rent deposits.
A maximum of $500.00 may be borrowed for essential utility arrears (not to exceed the maximum amounts noted for rent when combined with rent or rent deposits).
Please note that Purpose Rent Banks have limited funding. Monthly quotas may determine how many loans can be issued within any one month.
To be eligible for a loan applicants must meet the following requirements:
- Must be 19 years of age or older.
- Must currently reside in OR be moving to the City of Maple Ridge (if seeking damage deposit or first month’s rent).
- Cannot be more than 2 months in arrears (rent and/or utility)
- Must be a Canadian Citizen, Landed Immigrant, or Permanent Resident.
- Must have a current bank account.
- Must be able to provide proof of a regular source of income which is sufficient to cover monthly living expenses.
- Must have experienced a temporary, unexpected financial crisis.
- Must not have undischarged bankruptcy.
- Must not be able to access other forms of financial assistance.
- Must have 2 pieces of valid identification. One of which must be government-issued identification with a photo.
- Must demonstrate household income is within income requirements.
- Must demonstrate that the loan will stabilize the housing situation for 90+ days.
Distribution of Loan Funds
When a loan has been approved funds are issued by cheque. Cheques are payable directly to the creditor (eg. the landlord, BC Hydro, Fortis BC).
Loans are repaid in monthly installments. The repayment term of a loan is determined by the amount loaned and the borrower’s ability to repay. Repayment terms range between 6 months to 24 months.
Monthly repayments are automatically withdrawn from the recipient’s bank account OR provincial government assistance (if applicable). Loans are interest-free but subject to a $1.00 monthly administration fee.
Everyone who submits a Pre-Assessment Form will be contacted directly by a Purpose Rent Bank staff member. Regardless of eligibility for a loan, the Purpose Rent Bank staff will work with applicants to connect them with appropriate support services within their community to assist them in addressing their needs.
The first step in the Rent Bank application is to complete a Pre-Assessment Form for the Purpose Rent Bank in your community.
NOTE: Completing a Pre-Assessment form is only the 1st step in requesting assistance. If you qualify for a loan you will then need to complete a Loan Application and provide supporting documentation.
Please click on the link below noted for your community.
Maple Ridge Pre-Assessment Form Link: https://bcrentbank.ca/mapleridge/
Maple Ridge Rent Bank:
#300 – 22420 Dewdney Trunk Road,
Maple Ridge, BC V2X 3J5
If you are submitting the Pre-Assessment Form in person please call ahead to confirm the availability of a Purpose Rent Bank staff person to meet with you.
If you would like to help your neighbours to stay housed by providing a donation to the Purpose Rent Banks or a specific Rent Bank operated by the Lower Mainland Purpose Society please contact us at:
FINANCIAL SUPPORT OF PURPOSE RENT BANKS
Purpose Rent Banks receive funding from the B.C. Rent Bank which is operated by the VanCity Community Foundation.
Purpose Rent Banks are operated by the Lower Mainland Purpose Society