Comox Valley and
North Island
Rent Bank
The Comox Valley and North Island Rent Bank is a program that issues qualifying low-income individuals and families with one-time crisis loans that will allow them to maintain their housing stability.
If a renter in our community finds themselves unable to pay their rent due to a short-term unexpected financial crisis, they may be able to apply for a rent bank loan – paid back at 0% interest over 6 – 36 months.
Please note: All applications are now handled by the Province-Wide Rent Bank. If you have questions about applying, please contact them at 250-596-2976 or email Province-wide@kamloopsefry.com
Loan Process
FAQ
What are the minimum eligibility requirements?
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.
What documents may be required from me to proceed?
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.
How long is the loan process?
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.
Is there a maximum amount of assistance I can recieve?
Yes, there is a maximum of $3500/loan based on evidence of need.
Is there an interview?
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.
How are loans paid back?
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.
How are funds administered?
Can I reapply if I was denied? What if I previously received a loan?
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 CVNIRB 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 CVNIRB is welcome to apply for additional loans as long as any previous loans have been fully paid. The CVNIRB will take into consideration a previous borrower’s payment history when assessing an application for an additional loan.
CVNIRB generously supported by:
This rent bank is supported by BC Rent Bank, a project of Vancity Community Foundation funded by the Province of BC.
