Archive for the ‘Toronto Rent Bank’ Category

Ontario Landlords Association Partnership With The Toronto Rent Bank To Help Good Tenants And Great Landlords In 2020

Wednesday, January 1st, 2020

Ontario Landlords Association Is All About Helping Good Landlords, Good Tenants & Improving The Ontario Rental Industry – Spread The News About This Helpful Program For Tenants and Landlords

Small landlords are different than large corporate landlords in many ways.  In fact, we’ve told the Ministry of Housing that we should have different rules for small landlords versus large corporate landlords.

Many small residential landlords were once tenants ourselves. Whether it was while we were studying in college or university, when we moved out to find our first job, or when we started families and were saving up for a deposit to buy our own homes.

As people who rented ourselves, we know what tenants are looking for in finding a good rental home and a great landlord. We also know how “life happens” and no matter who you are circumstances can come up leading to job losses, illnesses, family struggles and not being able to pay rent.

Ontario Landlords Association Partners With Neighbourhood Informational Post (NIP) And Promotes The Toronto Rent Bank

The Ontario Landlords Association is happy to partner with NIP.  NIP is a non-for-profit organization funded by the government to support and help develop the local community, and  hold multiple programs that supports the individuals and households with low income.

Toronto Rent Bank

One of the programs offered by NIP is the Toronto Rent Bank.

Toronto Rent Bank is an interest free loan that helps individuals and or household with low income to pay their rent and avoid eviction due to short-term financial difficulties.

NIP found that the demand for this program is raising over the years, however, the application we receive has been decreasing.

They assume this to be related to the limited number of people they are currently exposed to, therefore they want to seek if related organizations are willing to support them and expand this service to support more people.

More About NIP And the Toronto Rent Bank

In 1969, a group of community residents founded Neighbourhood Information Post because they wanted to ensure that low-income individuals and households had access to information and resources, so that they could be empowered to improve the quality of their own lives.

Four decades later, from helping local community members and newcomers access resources, supporting the development of community leaders and volunteers, to providing financial assistance and housing support to people throughout the City of Toronto, NIP remains a vital agency in the eastern downtown core in Toronto.

TORONTO RENT BANK PROGRAM

The Toronto Rent Bank Program provides interest-free repayable loans to low-income households facing eviction due to short-term financial difficulties.  It is a successful collaboration between Neighbourhood Information Post (NIP) and our partner agencies:  Albion Neighbourhood ServicesCOSTI North York Housing HelpEast York Housing Help, The Housing Help Centre, The Neighbourhood Organization, Unison Health and Community Services.

NIP acts as the Central Administrative agency as well as a local service access centre in this city-wide homelessness prevention program.  NIP is responsible for processing all Rent Bank loans and repayments in Toronto, as well as providing local residents in the Downtown area with Rent Bank intake functions and a variety of housing-related services.

Tenants may be eligible if:

  • you are living in Toronto with legal status in Canada

  • you have steady and ongoing source of income (within low-income guidelines)

  • you currently receive income through social assistance (OW / ODSP) or OSAP plus additional income; special rules apply* (*Please contact your local office for more information)

  • your rental unit is covered by provincial tenant legislation (RTA) and you are paying market rent

  • you can provide documentation required by the Rent Bank application process and satisfy all other program requirements

Landlords Can Benefit From This Program Too!

No small landlord wants to evict a good tenant who is having temporary financial troubles.  The problem is most small landlords are also struggling!

We need rent or we can’t cover our mortgage and won’t be able to continue to be a landlord. We aren’t huge corporate landlords with economies of scale and private legal teams.

Landlords can let our tenants know about the Rent Bank Program and help them succeed to help you succeed.

TORONTO RENT BANK CENTRAL OFFICE

Contact Information: 416-924-2543 or torontorentbank@nipost.org