Province Boosts Rent Bank Investment To Help Seniors And Vulnerable Ontarians Avoid Losing Their Homes
For Immediate Release
March 1, 2007
TORONTO – The Ontario government is helping tenants who are in rental arrears stay in their homes by making further investments in the Provincial Rent Bank Program.
Ontario Premier Dalton McGuinty announced an additional investment of over $4.8 million to the program during a speech to the Toronto City Summit on February 27.
"Since we created the Rent Bank, we've helped save 8,000 families from eviction," Premier McGuinty said. "This latest investment will help even more families stay in their homes during tough times."
The additional investment will promote housing stability by helping tenants to avoid eviction when having missed a rent payment. Tenants who are facing such a crisis may apply to their local rent bank to receive financial assistance. If a tenant’s application is approved, the outstanding rent is paid directly to the landlord on behalf of the tenant.
In 2004, the program began with an initial allocation of $10 million distributed among municipalities in Ontario. With an additional investment of $4 million in April 2006, over 8,000 households have received assistance and avoided eviction.
“Short-term arrears is the most common reason tenants with lower incomes lose their housing and are forced into shelters,” said Minister of Municipal Affairs and Housing John Gerretsen. “Our rent bank program has proven to be a great success at helping tenants to resolve unplanned financial difficulties, and stay in their homes.”
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Contact:
Patti Munce
Minister Gerretsen’s Office
416 585-6333
Scott Harcourt
Market Housing Branch
416 585-7529