If you are being evicted from your home due to rent arrears from COVID-19 or other reasons. Then help is now available.

The Toronto Rent Bank provides limited, interest free, repayable loans to seniors, individuals and low income families facing imminent eviction.

The bank provides a maximum loan of two months’ rent. They also provide rental deposit loans to those who require first or last month rent to move to more affordable housing.

“Our Rent Bank program has been designed to help end the cycle of increasing poverty,” says Gladys Wong, executive director of Neighbourhood Information Post (NIP) a community group that started the Rent Bank last year. “We see clients in desperate situations and the idea is to prevent homelessness and keep families in housing.”

Wong says Toronto residents ‘need to know that help is available if they are experiencing difficulties in making rent payments.’

Rent Bank officials say applicants should demonstrate that they have exhausted all other means of financial assistance available to them before applying for a loan. All loans are to be paid back in monthly installments to a Rent Bank fund to help others.

The goal of the bank is to help residents preserve stable housing, which is free from rental arrears or risk of eviction and to improve their skills and confidence in managing their own finances.

The Rent Bank program is funded by the City of Toronto and is a collaboration between NIP and partner agencies citywide.

Also available is an Emergency Rental Deposit Loan, which provides an interest-free repayable loan for first and last months’ rent deposit to households where changes in economic situation necessitate a move to more affordable or stable housing.

Residents are eligible for the Rent Bank program if they live in Toronto, have legal status in Canada, a steady source of income, receive income through social assistance and can provide the necessary documentation.

Those who require help are asked to call the Rent Bank Central Office at 416-924-2543 to leave their name and phone number or send them an email at torontorentbank@nipost.org or visit their website at www.nipost.org