11 Sep 2023 Council meeting Housing

Nanaimo Region Rent Bank Review

Motion
That Council: 1. allocate $75,000 from the Online Accommodation Platform fund to the Nanaimo Region Rent Bank program, administered by Connective Society, as bridge funding for rent bank loan capital for City of Nanaimo residents, until 2024-MAR-31; and, 2. direct Staff to work with BC Rent Bank to further review the program and to ensure rent bank loans are being directed to key areas of housing need as identified in the “Nanaimo Housing Needs Report 2023”.
Minutes, page 7
Sources
Agenda itemCity agenda
Staff reportPage 1
Purpose
To provide Council a review of the Nanaimo Region Rent Bank program and to recommend bridge funding to the program until March 2024.
Staff report, page 1
Staff recommendation
That Council: 1. allocate $75,000 from the Online Accommodation Platform fund to the Nanaimo Region Rent Bank program, administered by Connective Society, as bridge funding for rent bank loan capital for City of Nanaimo residents, until 2024-MAR-31; and, 2. direct Staff to work with BC Rent Bank to further review the program and to ensure rent bank loans are being directed to key areas of housing need as identified in the Nanaimo Housing Needs Report 2023.
Staff report, page 1
DocumentsStaff report about Housing

Questions and answers

Councillor Erin Hemmens
Speaker identificationConfident
Yes

asked
reports. Councilor emmons. Thank you, Worship again. Great report. I'm just curious about the term bridge funding. Bridge funding is to get us through. We're waiting for the next. Kind of allotment to come. I don't understand how this is being considered as bridge funding. What are we bridging to.
City staff answered
Yeah, good question through your worship to councilor hemmens. I think one of the things that you'll probably notice in the report is and what BC Rent Bank is reporting is that I think it was around 60% to 70% of Rent Banks are repaid in loan payments. And right now, because the local Rent Bank here has only been an operation just. Over two years, we're starting to see some of that repayment coming because most of the plans are usually for 24 to 36 months. So these funds are just to try to bridge until we can kind of assess where we're at. In an IMA with our Rent Bank but also with BC Rent Bank to make sure that any funds and loans that are happening are reaching out to. Other diverse populations and that may include working with other service providers. Thank you. Any Further questions.