The Sources Rent Bank
May issue low-income individuals and families a one-time crisis loan for residents of Surrey, White Rock, Langley, and Delta. It is a program with the aim of providing families with loans to prevent homelessness due to a one-time unexpected circumstance. We may provide a loan for up to $1,200 for a single person or up to $1,600 for a family. Our loans can be used for rental arrears or utility arrears. We may also provide a damage deposit and first month’s rent in special circumstances.
Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. Contact your financial institution for further mortgage assistance.
The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
BC Housing has made temporary changes to the Rental Assistance Program (RAP) and SAFER. These changes support our new and existing clients who experience a loss of employment income due to the COVID-19 crisis.
Starting Point Outreach Provides services to people who are homeless or at risk of becoming homeless. Services include housing search assistance, help with applying for government funding, support with housing applications, housing loss prevention, tenancy support and information, financial literacy training, support with housing applications, and short-term rent subsidies. (604 – 530 – 6477)