First Taxi Medallion Owners Receive Over $ 5 Million In Debt Relief

September 25, 2021

$ 500 million in total relief expected for more drivers

NEW YORK-Mayor Bill de Blasio today announced that New York City’s $ 65 million Medallion Relief Program (MRP), which could result in $ 500 million in debt relief for thousands of drivers, has enabled write off $ 5.1 million in debt for the first 26 homeowners to fully restructure their loans. As of this week, 954 medallion owners have completed their appointments with TLC’s Owner / Driver Resource Center and are in various stages of renegotiations, a significant portion of which will be completed by the end of 2021.

“Medallion owners have more than deserved their place as a vital part of the city’s transportation system, and this visionary program will ensure those in distress get the economic justice they need to support their families and potentially take advantage of their lives. their retirement with deserved dignity ”, declared Mayor Bill de Blasio. “This program is the first of its kind in the world and truly represents the best of government, helping our neighbors in crisis with innovative and inventive tools. The progress we have made so far is truly impressive.

“TLC is fully committed to the vitality and success of the yellow taxi industry,” said TLC Commissioner and Chairman Aloysee Heredia Jarmoszuk. “The Medallion Relief program is an unquestionably strong commitment to providing financial assistance to homeowners facing insolvency due to debts related to Medallion. We will not rest until we maximize the reach of all interested homeowners. to participate in the program. “

“Helping essential workers like taxi drivers is at the heart of our mission and the pandemic has only exacerbated their need for help managing their finances,” said Ministry of Consumer and Worker Protection Commissioner Peter A. Hatch. “We are proud to have already, in partnership with TLC, NYLAG and others, provided hundreds of drivers / owners with free, confidential and one-on-one legal assistance and financial advice that has helped reduce and even eliminate their debt and we are eager to help more.

“NYLAG is pleased to continue the work of representing owners of yellow taxi medallions affected by the ongoing economic difficulties,” said Associate Director of the Consumer Protection Unit at NYLAG Rose Marie Cantanno. “So far, NYLAG has met with over 1,100 homeowners and initiated the negotiation and advocacy process on behalf of the individual clients who have retained us. With all the local, state and private resources available, the MRP will help many homeowners reduce their medallion debts. We are ready to move forward with dozens of MRP cases that will help clients keep their medals after their devastating loss of income. “

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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