Since 2023, the City of Colwood has allocated funding to the Colwood Rent Bank as a way to ease the financial burden of residents who are facing temporary financial hardship.
The Rent Bank provides interest-free loans and limited grants for eligible, low-to moderate-income individuals.
"Our goal is to take a compassionate and practical approach to preventing people from losing their homes if they hit a rough patch," said Colwood Mayor Doug Kobayashi. "The Colwood Rent Bank offers a short term solution while connecting residents to resources that support long-term stability.”
The budget for the Rent Bank comes from the City's Affordable Housing Reserve, which is funded by developer contributions, so the program does not impact property tax rates for residents. Colwood Council has allocated $30,000 per year to the Rent Bank between 2023 and 2027. The program is administered through the Community Social Planning Council.
In the 12-month period from July 2024 to July 2025, the program benefitted 34 residents, including 19 children. Through 33 applications, 11interest free loans and 1 grant were provided to Colwood residents, totalling $25,135 in funding.
The majority of residents accessing funding cite a health crisis (36%) as the primary reason for needing financial assistance. Others were experiencing financial crisis (27%) or employment crisis (24%). 54% of the applicants have children to care for, and about half of those are single parents.
Rent Bank loans have helped prevent evictions and ensured housing stability for low-income families, playing a key role in maintaining housing stability in the face of unexpected financial crisis.
"A small amount of support at the right time can make all the difference between stability and homelessness,” said Colwood Mayor Doug Kobayashi.
For more information about the Colwood Rent Bank, including eligibility criteria and application details, please visit Greater Victoria Rent Bank – Community Social Planning Council.
Media Contact
Sandra Russell, Communications Manager
srussell@colwood.ca
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