Mayor of Montreal announced on June 29, 2026 a new city‑wide initiative that offers interest‑free loans to tenants facing rent pressures. The program will provide up to $5,000 per loan to 150 households, with repayments spread over a five‑year period.
The City of Montreal designed the scheme to address the financial strain many renters are experiencing as housing costs rise. By eliminating interest charges, the loan aims to make monthly payments more manageable while preserving tenants' ability to stay in their current homes.
Eligible renters must meet criteria set by the municipal government, though the specific qualifications were not detailed in the announcement. Each qualifying household can receive a single loan of up to $5,000, and the repayment schedule is fixed at five years, allowing borrowers to budget the expense over a longer term.
The initiative forms part of a broader rental‑assistance effort launched by the city this year. It follows earlier measures intended to support low‑income residents, though the interest‑free loan model marks a distinct approach by providing direct financial resources rather than subsidies.
City officials indicated that the program will be administered through existing municipal housing services, with applications to be processed on a rolling basis. The first disbursements are expected to begin shortly after the launch, targeting the 150 households identified as most in need.
By offering these loans without interest, the municipality hopes to reduce the risk of evictions and maintain housing stability for vulnerable renters. The program reflects Montreal's ongoing commitment to affordable housing solutions amid a challenging economic environment.