Down Debt

Taxi Medallion relief program surpasses $ 20 million in debt relief

October 30, 2021

NEW YORK– Mayor Bill de Blasio announced today that the city’s Taxi Medallion Relief Program (MRP) has now reached $ 21.4 million in debt relief for 173 individual medallion owners.

More than 1,100 locket owners have already made appointments with the Taxi and Limousine Commission (TLC) Owner and Driver Resource Center and will be moving the restructuring process forward in the weeks and months to come.

“The Medallion Relief Program does justice to the workers who have served our city tirelessly,” said Mayor Bill de Blasio. “This program has achieved extraordinary results so far – and with nearly 1,000 additional pilots in the pipeline, we look forward to celebrating even more debt relief in the weeks to come. The yellow cab business is part of the of this city’s essential fabric, and our investment in their present and future will help ensure they remain strong and whole for years to come.

“TLC is grateful to all of its licensees and the MRP has been successful for the 173 first medallion owners. We are securing all possible resources to finalize the restructured loans and / or settlements for the remaining MRP applicant pool, ”said TLC Commissioner and President, Aloysee Heredia Jarmoszuk. “Each case requires individual attention and several meetings. Therefore, we strongly encourage all Medallion owners in need to come forward and make an appointment with the TLC Driver / Owner Resource Center. We look forward to providing financial assistance to our deserving individual medal owners in partnership with industry stakeholders, advocates and elected officials.

“What makes New York City so familiar and unique are our iconic taxis that pass through our busy streets every day. These drivers / owners are truly the heart of our city, ”said Department of Consumer and Worker Protection Peter A. Hatch. “We are committed, along with our partners TLC and NYLAG, to putting these drivers / owners in touch with the right tools to achieve financial stability. New York City isn’t the same without their resilience, tenacity, and wit.

“NYLAG is pleased to continue these efforts to help medallion owners / operators restructure their loans and save their medallions,” said Rose Marie Cantanno, Associate Director of the Consumer Protection Unit, New York Legal Assistance Group. “We will continue the essential work of helping yellow taxi medallion owners / drivers as they strive to save their livelihoods. “

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 repayments 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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