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Housing and Homelessness

Rent Deferral Policy

Purpose

On occasion, tenants may find themselves in a position of financial hardship due to a delay in receiving income, or in selling residential property on which an imputed rate of interest is being charged. The rent deferral policy is a method of setting aside a portion of the rent owed until the income is received or the property is sold, to help avoid financial hardship. This policy is implemented in very limited circumstances.

Application

A tenant may apply in writing for a deferral of rent, explaining the reason for the request and the expected length of time the deferral of rent is required.

Agreement

If the deferral of rent request is approved, the Property Manager will prepare a "Rent Deferral Agreement" for signature by all household members. The Agreement will specify the full rental rate, the deferral rental rate and the date the deferral rental rate starts. A condition of the Agreement is that the tenant(s) will contact the Property Manager at the beginning of each month to verify that there is still a need for the deferral of rent. If no contact is made the full monthly rent will be applied to the rental account. When the Rent Deferral Agreement expires, the difference between the full monthly rate and the deferral rental rate for the time period covered by the Agreement becomes due immediately, (i.e. when the expected income is received or when the proceeds from the sale of the residential property are received).