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Would you like a rent bank where you live?

Categories: Canada

 Vancouver is set to open its first rent bank that will provide emergency loans to low-income citizens in danger of eviction. (iStock) 
Vancouver will open its first rent bank, which will provide temporary loans to people facing eviction, according to the Vancouver Sun.

The City of Vancouver announced Thursday that it will contribute $148,800 over three years to help fund the Vancouver Rent Bank.

Streetohome Foundation, a community group focused on homelessness, is providing $551,000 to distribute over three years. Additional funds will be provided by the Vancouver foundation and the Vancity Community Foundation.

The rent bank -- which will be available to singles, couples and families -- will provide one-time loans to low-income citizens in danger of eviction.

An estimated 540 people could be assisted with rent or housing-related costs in the next three years.

Applicants must prove financial need and demonstrate that they are able to repay the loan over a two-year period. They must also take a financial literacy course.

The Network of Inner City Community Services, a local non-profit, will operate the rent bank.

The organization will start accepting applications in August.

Similar rent banks exist in Toronto, Surrey, Prince George and Fraser Valley, B.C.

What do you think of the rent bank concept? Do you have one where you live? If not, would you like one?

This survey is not scientific. Results are based on readers' responses.

Tags: Vancouver

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