At-risk renters in the Canadian city of Vancouver, British Columbia, will soon receive a respite in the form of short-term loans between $500 and $800, 24 Hours reports.
The city recently announced a three-year plan to fund a "rent bank" to provide emergency loans for low-income residents in danger of eviction. The bank will offer one-time loans for applicants who demonstrate need, as well as a viable means for repayment over a two-year period, the Vancouver Sun explains. In addition, recipients will be required to participate in a financial literacy course to prevent this sort of situation from happening again. "I just got so tired of seeing folks who should have been able to stay in their homes get put on the street," politician Spencer Chandra Herbert told 24 Hours. The Sun adds that it's estimated at least 540 people will receive assistance from the bank over the next three years. Plus, as Kate Hodgson, spokesperson for the Network of Inner City Community Services, told 24 Hours, the loans can be especially useful if the "main breadwinner" of the family is suddenly ill or can't work, allowing the family to survive in the meantime.