City of Toronto – Rent Bank Update:
The City of Toronto has made recent program enhancements to the Toronto Rent Bank in response to COVID-19. As we all know, the COVID-19 pandemic has had an economic impact on the livelihoods of Toronto residents. Many are facing financial hardship, including the inability to pay rent. The Toronto Rent Bank provides interest-free loans to low-income households in Toronto who are experiencing rental arrears or require help with a rental deposit in order to prevent homelessness.
The City of Toronto has made an investment of $2M to the Toronto Rent Bank to support approximately 800 additional low-income households to remain housed.
Program changes have also been implemented to be more responsive to the needs of low-income households during the COVID-19 pandemic. These include:
- Increasing the maximum allowable loan from $3,500 to $4,000 for up to 3 months of rental arrear loans.
- Automatically deferring all loan repayments for up to a period of 12 months
- Eliminating the eligibility requirement that households demonstrate a steady income on a go-forward basis
- Moving from original copies to electronic document verification
Monday to Friday, 8:30 a.m. to 4:30 p.m. Outside of operating hours, callers may leave a message and a representative will return their call. More information about the Toronto Rent Bank is available on their website.