Mayor Bill de Blasio today announced that 90 loan restructuring deals from Harlem to Hollis have been approved under the City’s $65 million Medallion Relief Program (MRP).
Delivering $14 million in debt forgiveness to individual medallion owners. The program continues to gather pace: in the last week alone, 33 drivers have received $3.6 million in relief.
More than 1,000 medallion owners have completed intake appointments to begin the restructuring process. In all, the program is anticipated to achieve as much as $500 million in total debt forgiveness.
“As the Medallion Relief Program continues to build momentum, more and more medallion owners are finally getting the fair deal and fresh start they deserve,” said Mayor Bill de Blasio. “This program is delivering economic justice for the hardworking New Yorkers who need it most, and I look forward to celebrating even more successes in the weeks and months to come.”
“With nearly 100 approved deals, the MRP is working to provide immediate debt relief to our patient and deserving individual Medallion Owners,” said TLC Commissioner and Chair Aloysee Heredia Jarmoszuk. “We strongly encourage anyone in need to please schedule an appointment with the Owner/Driver Resource Center. Our goal to work in unison with the Industry, Electeds and Advocates to ensure and advance a prosperous future for NYC Yellow Taxis.”
“Hundreds of taxicab medallion owners have already benefited from getting free legal assistance and financial counseling to help lower and even eliminate their debt,” said DCWP Commissioner Peter A. Hatch. “We urge any drivers/owners who are struggling with medallion-related debt to use these financial resources and schedule an appointment at the Driver Resource Center. We are looking forward to helping many more manage their debt and improve their financial health.”
“It has been rewarding for NYLAG to represent so many yellow taxicab medallion owners and provide legal services on a multitude of their legal issues,” said Rose Marie Cantanno, Associate Director Consumer Protection Unit, New York Legal Assistance Group. “Now with even more lenders participating in the Medallion Relief Program, we are confident we will be able to aid even more owners from losing the medallions they work so hard to acquire and maintain.”
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.