Taxi Medallion Relief Program Helps Debt Relief for 144 Homeowners
23 October 2021
42 transactions restructured this week alone
NEW YORK– Mayor Bill de Blasio today announced that the city’s Taxi Medallion Assistance Program (MRP) has now secured 144 loan restructuring approvals, representing $ 18.7 million in cancellation of debt. Forty-two of those deals have been restructured this week alone.
Over 1,000 tag owners have already made appointments with the Taxi and Limousine Commission (TLC) Owner / Driver Resource Center and will be moving the restructuring process forward in the weeks and months to come.
“The Medallion Relief Program provides true debt relief to drivers who deserve economic justice, and worse loans are renegotiated every day,” said Mayor Bill de Blasio. “There is still work to be done and the City is ready to continue supporting the industry that has given so much to New Yorkers.
“The Taxi Tag Owner Assistance Program is yielding positive results for tag owners / drivers facing financial hardship. We urge any Medallion owner in need to contact the Owner / Driver Resource Center for assistance and debt relief, ”said TLC Commissioner and President Aloysee Heredia Jarmoszuk. “144 owners / drivers have obtained debt relief and TLC is providing services to the remaining 950 applicants. We believe in a bright future for the yellow taxi industry and we stand by that commitment, providing real debt relief to owners in need now. We are better and stronger united than divided and we continue to welcome all stakeholders willing to partner with us in the best interests of the industry.
“The owners / drivers of taxi medallions have always kept New York City operational,” said Ministry of Consumer and Worker Protection Commissioner Peter A. Hatch. “We understand the financial difficulties faced by these essential workers. Therefore, in partnership with TLC and NYLAG, we are committed to providing all owner / operators with tools such as free and confidential legal assistance and one-on-one financial advice to the owner of TLC. / Pilot Resource Center.
“NYLAG is pleased to partner with DCWP and TLC to provide legal assistance to taxi 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 difficulties faced by locket owners / operators and pride ourselves on providing the essential legal assistance needed to help them overcome these challenges. “
About the Medallion Relief program
New York City will provide $ 65 million in grants to economically struggling individual 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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