New Westminster Rent Bank
New Westminster 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).
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 New Westminster (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 or the City of New Westminster).
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Monthly repayments are automatically withdrawn from the recipient’s bank account OR provincial government assistance (if applicable).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.
New Westminster Pre-Assessment Form Link: https://apply.bcrentbank.ca/apply/purpose-society
For further information please feel free to contact the NWRB Case Manager at:
40 Begbie Street, New Westminster, BC V3M 3L9
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.
The New Westminster Rent Bank receives additional funding from the City of New Westminster.
Purpose Rent Banks are operated by the Lower Mainland Purpose Society.
The NWRB is a program initiated by MLA Judy Darcy, Minister of Mental Health and Addictions. This program is also supported by the City of New Westminster, Social Planning Department.
FINANCIAL SUPPORT OF THE NEW WESTMINSTER RENT BANK
The majority of NWRB’s operating expenses is generously provided by the City of New Westminster.
Financing for the loan capital was generously donated by local credit unions, including: Van City, Community Savings, GVC Credit Union, Coast Capital Savings, G&F Financial, Westminster Savings and the New Westminster Homelessness Coalition Society.
As of June 2019 additional financial support is generously provided by the Ministry of Social Development and Poverty Reduction.
The NWRB is operated by the Lower Mainland Purpose Society.