New Brunswick unveiled its long-awaited rent bank program for struggling renters on Thursday afternoon.
Housing Minister Jill Green said it is meant to help those facing temporary, unexpected financial hardships.
“It can be used for your utilities, it could be used for your rent, it could be used for your first and last months’ rent, it could be used for your damage deposit,” said Green.
“There are all kinds of ways that this money can be used to help people stay housed.”
The two-year program will provide up to $3 million to eligible applicants, who can receive up to $2,750 throughout the program.
Those eligible include:
- individuals or families, without children, whose income is less than $50,500
- families, with children, whose income is less than $85,000
- renters in arrears on rent or essential utilities
- renters who have demonstrated ability to pay their housing costs in the past
Green said the program will provide grants rather than short-term loans as the province first announced.
“We heard very strongly from our partners how important it was that it was a grant for individuals when they were applying so I’m thrilled that we made that change,” she said.
Applicants will be accepted starting Dec. 13.