Mayor Bill de Blasio today announced the City’s Taxi Medallion Relief Program (MRP) has now seen 144 loan restructure approvals, representing $18.7 million in debt forgiveness. Forty-two of those deals were restructured this week alone.
More than 1,000 medallion owners have already completed appointments with the Taxi and Limousine Commission’s (TLC) Owner/Driver Resource Center, and will progress through the restructuring process in the coming weeks and months.
“The Medallion Relief Program is delivering real debt forgiveness to drivers who deserve economic justice, and more unfavorable loans are being renegotiated every day,” said Mayor Bill de Blasio. “There’s more work to do, and the City is ready to continue supporting the industry that has given New Yorkers so much.”
“The Taxi Medallion Owner Relief Program is delivering positive outcomes for Medallion Owner/Drivers facing financial hardships. We urge any individual Medallion Owner in need to please reach out to the Owner/Driver Resource Center for assistance and for debt relief,” said TLC Commissioner and Chair Aloysee Heredia Jarmoszuk. “144 Owner/Drivers have achieved debt forgiveness and the TLC is providing service to the remaining 950 applicants. We believe in a great future for the Yellow Taxi Sector and are standing by that commitment, providing real debt relief now to Owners in need. We are better and stronger united than divided and we continue to welcome all willing stakeholders to partner with us in the best interest of the Industry.”
“Taxicab medallion owners/drivers have always kept New York City up and running,” said Department of Consumer and Worker Protection Commissioner Peter A. Hatch. “We understand the financial hardships faced by these essential workers so, in partnership with TLC and NYLAG, we are determined to provide all owners/drivers with tools such as legal assistance and free, confidential one-on-one financial counseling at the TLC’s Owner/Driver Resource Center.”
“NYLAG is pleased to partner with DCWP and TLC to provide legal assistance to Taxicab medallion owners/drivers through the Owner/Driver Resource Center,” said Rose Marie Cantanno, Associate Director of the Consumer Protection Unit, New York Legal Assistance Group. “We recognize the financial hardships faced by medallion owner/drivers and are proud to provide the critical legal assistance necessary to help them overcome those challenges.”
About the Medallion Relief Program
The City of New York will provide $65 million in grants to economically distressed individual medallion owners. This includes $20,000 as a down payment to restructure loan principals and set lower monthly payments, as well as up to $9,000 for monthly debt relief payments.
Many medallion owners will have over $200,000 in debt forgiven, and loan payments reduced to about $1,500 or less per month. Some owners will achieve total debt erasure through settlements.
TLC’s Owner/Driver Resource Center, which offers a range of free financial counseling and legal assistance for TLC Licensees, as well as connecting them with government benefits and health and wellness resources, has already served over 1,000 licensees. TLC Licensees in need of these services can call 311 or visit nyc.gov/taxi to make an appointment.