Step One: Pre Assessment

The Pre-Assessment Form should be completed and submitted online. The forms will be reviewed in the order they are received, and you should receive a response from our staff within around 72 hours. If you do not have reliable internet access, or require assistance with applying, please phone and discuss further options.

Step Two: Application & Review

Once we have reviewed your initial information, we will contact you to discuss next steps. This may include asking you to complete a phone interview and to provide further documentation.

Step Three: Follow Up

A Comox Valley Regional Rent Bank Case Manager will follow up with you to discuss your application. If necessary, we may ask for more information. The Case Manager may ask for consent to contact your landlord, employer, utility service provider, and/or other service providers on your behalf.

Step Four: Loan Decision & Administration

Our Loan Review Committee will anonymously review completed applications. Loans are approved based on three criteria:

• the likelihood a loan will stabilize housing,

• the applicant’s financial stability, and

• the applicant’s ability to repay the loan.

A CVRRB Case Manager will notify you of the Committee’s decision. If the loan has been approved, the Case Manager will arrange a meeting with the applicant to complete the loan approval paperwork, including the loan repayment plan, and a cheque will be made out to the appropriate payee.

*** Please be aware the loan application process time can vary per case, and approval is not a guarantee. All financial assistance is paid directly to the landlord or utility company by the local rent bank.

Applicants must meet the following criteria to be considered for a rent bank loan:

• 19+ years of age.

• Reside within the Comox Valley or be obtaining residence within the Comox Valley.

• Show that the household is low-to-moderate income (BC Housing HILS are used as a general guideline; but there is a little bit of wiggle room if your household income slightly exceeds the guidelines and all other criteria is met).

  Current BC Housing Income Limits:

  Vancouver Island I Bdrm or less 2 Bdrm 3 Bdrm 4+ Bdrm

  Courtenay-Comox $44,000 $55,500 $65,500 $76,000

• Must have a legitimate reason for experiencing a temporary financial crisis.

• Evidence that the financial assistance would stabilize their housing for at least 90 days.

• Provide proof of a regular source of income that is sufficient to cover monthly living expenses. Rental and living costs must not exceed demonstrated future income.

• Ability to repay the loan and manage any outstanding debts.

• Not owing more than 2 months in rent and/or utilities.

• Must not have undischarged bankruptcy.

• Must not have excessive debt.

• Have an active/current bank account.

• Two pieces of ID (one with a photo, one government issued).

• Proof of tenancy (copy of your rental/tenancy agreement).

• Eviction notice and/or utility notice of disconnection.

• Proof of regular source of income.

• Last consecutive 3 months of financial statements for ALL current financial accounts, credit cards, and investments.

*** BC Rent Bank and the Comox Valley Regional Rent Bank will use your personal information only for assessment and administration purposes in accordance with the guidelines of the BC Rent Bank Privacy Statement.

The timeframe for loans to be granted, from application to the money being in hand - takes at least 3 - 4 business days to process (it also depends heavily on how long it takes for the applicant to submit any documents we ask for, answer any further questions, how long it takes for the landlord to respond, etc.).

Please be aware, Rent Bank loans are NOT an immediate solution.

Yes, there is a maximum of $3500/loan based on evidence of need.

Yes. The interview process is very in-depth; we will ask detailed questions about past, current, and future spending, budgeting (past/current), and future expected income streams. The process can seem invasive; however, the goal is to determine if the applicant meets the program criteria and if the loan or grant will stabilize housing. We are not trying to pry, just get a full picture of the applicant and their situation.

*** Due to COVID-19, we encourage all interviews to be done virtually. If you do not have access to a computer or phone, please contact the CVRRB staff for further options.

This is an interest-free loan, but borrowers will be charged an administrative fee of $1.00/month. The repayment term of a loan is determined by the amount borrowed and the borrower’s ability to repay. The maximum repayment term is 24 months (two years), and repayment can begin a maximum of 60 days after the loan agreement is signed according to the case manager’s discretion.

Loan repayment amount examples:

• A loan of $500 will require a monthly payment of approximately $22/month*

• A loan of $1,500 will require a monthly repayment of approximately $64/month*

• A loan of $2,000 will require a monthly repayment of approximately $84/month*

  *** On a 24-month (2-year) term.

Monthly repayments are automatically withdrawn from your bank account on the 1st or 15th of the month.

Cheques and electronic money transfers are directly made out to landlords and utility companies.

The Comox Valley Regional Rent Bank (CVRRB) acknowledges that the housing costs in Comox Valley as well as throughout Vancouver Island are high. Vacancy rates are extremely low. All of which place housing security at risk. Residents of Comox Valley may find themselves in a housing crisis more than once. The CVRRB aims to assist as many rental households in Comox Valley as possible.

Any resident of Comox Valley who was not approved and now qualifies or previously had a loan with the CVRRB is welcome to apply for additional loans as long as any previous loans have been fully paid. The CVRRB will take into consideration a previous borrower’s payment history when assessing an application for an additional loan.