Taxi Medallion relief program in full swing, with 1,000 homeowners in debt relief pipeline

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October 2, 2021

NEW YORK-Mayor Bill de Blasio today shared an update on the city’s $ 65 million Medallion Relief Program (MRP), announcing that 57 loan restructuring agreements have been approved, offering $ 10.4 million cancellation of debt to homeowners in financial difficulty. In total, the program could bring $ 500 million in debt cancellation to thousands of individual locket owners. As of this week, 1,000 locket owners have contacted and made appointments with TLC’s Owner / Operator Resource Center, beginning the potentially life-changing process of analyzing and renegotiating loans on an individual basis for maximum relief. The TLC predicts that a significant portion of the renegotiations would take place by the end of the calendar year.

“With 57 landlords with deals and 1,000 more underway, the Medallion Relief Program is making a real impact, not only on paper and in the ledgers, but also in the lives of people who believed – and continue to believe – in New York City. present and future ”, declared Mayor Bill de Blasio. “The MRP has a stabilizing effect on the market and preserves an institution that has given as much to our city as the women and men who are its backbone.

“TLC is fully committed to the success of the taxi industry and its Medallion owners / drivers,” said TLC Commissioner and President, Aloysee Heredia Jarmoszuk. “We encourage individual taxi owners with high medallion debt to contact TLC’s Owner / Driver Resource Center to make an appointment. Our offer to work with the entire industry and advocates to preserve and advance yellow taxis remains, and we hope that we can always come together to ensure that all available financial resources reach every owner / driver in need. “

“Taxi drivers work tirelessly to provide essential transportation for New Yorkers and those who visit our city,” said DCWP Commissioner Peter A. Hatch. “We are delighted to partner with TLC, NYLAG and others to provide drivers / owners with free legal assistance and financial advice to help them manage and reduce their debt, and give them the tools they need to prosper and achieve financial stability. ”

“NYLAG is delighted to advance this work on behalf of the owners of Yellow Taxi Medallions,” said Associate Director, Consumer Protection Unit at NYLAG Rose Marie Cantanno. “We know that the owners of yellow cab medallions perform a vital function for this city, and we are delighted to help ensure that this continues for years to come. This week alone provided the opportunity to advance over two dozen cases, and many more to follow!

About the Medallion Relief program

New York City will provide $ 65 million in grants to economically struggling locket owners. This includes $ 20,000 as a down payment to restructure the loan principal and set lower monthly payments, as well as up to $ 9,000 for monthly debt relief payments.

Many locket owners will have over $ 200,000 in debt forgiven and loan payments will be reduced to around $ 1,500 or less per month. Some homeowners will achieve total debt forgiveness through settlements.

TLC’s Owner / Driver Resource Center, which offers a range of free financial advice and legal assistance to TLC licensees, as well as links to government benefits and health and wellness resources, has already served over 1,000 licensees. TLC licensees requiring these services can call 311 or visit nyc.gov/taxi to make an appointment.

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