The Ontario Rent Bank Program
The Rent Bank program was established in 2004 to help tenants at risk of losing their housing.  The Rent Bank offers eligible tenants an interest free loan equal to two months rent to avoid termination of their tenancy.   

To be eligible for the program tenants must be in arrears of rent and be in immediate danger of losing their home due to unpaid rent.  Tenants must also must also be able to afford the rent in the long term and have a regular source of income, including OAS and GAINS.  The eligibility criteria also required that the applicant have legal status to live in Canada; meet the income requirements; are paying market rent; and the rental unit is covered by the Residential Tenancies Act.

The provincially funded Rent Bank program operated with a budget of $4.8 million in 2007.  It has helped 13,200 households province wide keep their housing.  Last year 975 Toronto households were able to maintain their housing with short term assistance provided by the Rent Bank.
FACT: The Rent Bank Program has been the single most effective homelessness prevention program in the province, keeping 3,107 households in Toronto alone from being evicted since November 2004 (when provincial funding began).

FACT: Last year (from January 1 to Dec. 31), 975 households (which consisted of 2,274 people: 1,329 adults; 639 children (0-12); 306 (children 13-17) were able to maintain stable tenancies through Rent Bank assistance.

FACT: 43% of Rent Bank clients are currently repaying their loans, with the Toronto Rent Bank receiving 71% of the funds back to reinvest in the program. Very soon this program has the potential to be self-sustaining.

FACT: Using a conservative estimate, assuming that 15% of the Toronto Rent Bank clients would have ended up in the shelter system had they not received a Rent Bank loan, the Rent Bank in Toronto is estimated to save the City of Toronto's shelter system in the order of $655, 963 per year.

FACT: In February 2007, when Premier Dalton McGuinty announced an additional investment of over $4.8 million to Rent Bank Programs in the province, he said: "Since we created the Rent Bank, we've helped save 8,000 families from eviction. The latest investment will help even more families stay in their homes during tough times."

FACT: Homelessness prevention is THE critical key for individuals and families in their fight against poverty. The loss of housing means a deepening spiral into poverty that is more difficult to overcome, not to mention the stress, depression, and detrimental effects on the development of children. 

FACT: The funds used for the ROOF program would have served low-income working families in Ontario much better if they had been used to augment the existing and successful Rent Bank program.

For more information please visit The Ontario Rent Bank Network http://ontariorentbank.net/