Pitt Meadows Rent Bank

CHECK OUT THE RENT BANKS LATEST YOUTUBE VIDEO:

https://www.youtube.com/watch?v=N8jgohgAStI

LOAN INFORMATION

Purpose of Loans

Maximum Loan Amounts are determined by local market rents and an affordable monthly payment over a maximum 36 month loan term. An assessment of an applicants’ needs and ability to repay is used to determine the loan amount offered to an applicant.

All funds are paid by cheque directly to the landlord or utility provider.

Maximum Loan Amounts

All funds are paid by cheque directly to the landlord or utility provider.

ELIGIBILITY CRITERIA

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 Pitt Meadows (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).

Loan Repayment

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 36 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Monthly repayments are automatically withdrawn from the recipient’s bank account OR provincial government assistance (if applicable).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.

Existing Active Loans with Purpose Rent Banks

Please note if you have an existing active loan with a Purpose Rent Bank we are no longer able to provide a new loan unless your existing loan is paid in full.

If you have an existing active loan you may qualify for assistance under our Housing Support Program.

You may apply to our Housing Support Program or apply to a Purpose Society Rent Bank to be referred to our Housing Support Program.

Services

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 1^st 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.

Pitt Meadows Pre-Assessment Form Link: https://apply.bcrentbank.ca/apply/purpose-society

Contact Information

Pitt Meadows Rent Bank:

#300 – 22420 Dewdney Trunk Road,
Maple Ridge, BC V2X 3J5

Phone: 604-368-4585

pittmeadowsrentbank@purposesociety.org

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

DONATIONS

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:

Phone: 604-526-2522

Email: info@purposesociety.org