First Taxi Medallion Owners See Over $ 5 Million Debt Relief

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September 25, 2021

Total relief for additional drivers expected to be $ 500 million

NEW YORK-Mayor Bill de Blasio announced today that New York City’s $ 65 million Medallion Relief Program (MRP) could result in $ 500 million in debt relief for thousands of drivers. To date, 954 medallion owners have completed appointments with the TLC Owner / Driver Resource Center and are in various stages of renegotiation, a significant portion of which will be completed by the end of 2021.

“Medallion owners have more than earned their place as an integral part of the city’s transportation network, and this visionary program will ensure those in need receive the economic justice they need to support their families, and eventually to retire with deserved dignity, ”said Mayor Bill de Blasio. “This program is the first of its kind and it really is government at its best – it helps our neighbors in crises with innovative, inventive instruments. The progress we’ve made so far is really impressive. “

“The TLC is fully committed to the vitality and success of the Yellow Taxi sector,” said TLC commissioner and chairwoman Aloysee Heredia Jarmoszuk. “The Medallion Relief Program provides $ 65 million in financial assistance, which is undeniably substantial, and we will not rest until we have exhausted our reach for owners facing bankruptcy due to Medallion debt.”

“Supporting key workers like taxi drivers is at the core of our mission and the pandemic has only increased their need for help with managing their finances,” said Commissioner for Consumer and Worker Protection Peter A. Hatch. “We are proud to have worked with TLC, NYLAG and others to provide legal assistance and free confidential personal financial advice to hundreds of drivers / owners that have helped bring their debt down and even get rid of them, and we are eager to help more. “

“NYLAG is pleased to continue its work of representing yellow taxi medallion owners who are experiencing 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 owners and started the process of negotiating and advocating on behalf of the individual customers who signed us up. Along with all available local, state, and private resources, the MRP will help many owners reduce their medallion debt. We are ready to move forward with dozens of MRP cases that will help our clients keep their medallions after their devastating loss of income. “

Via the Medallion Relief Program

The city of New York will provide the medallion owners in dire straits with 65 million US dollars. This includes $ 20,000 as a down payment to restructure the loan amounts and set lower monthly payments, and up to $ 9,000 for monthly debt relief payments.

Many locket owners have debt relief of over $ 200,000 and loan payments reduced to about $ 1,500 or less per month. Some property owners will achieve full debt settlement through settlement.

TLC’s Owner / Driver Resource Center, which provides a range of free financial advice and legal assistance to TLC licensees and links them to government benefits and health and wellness resources, has served over 1,000 licensees. TLC licensees in need of these services can call 311 or visit nyc.gov/taxi to make an appointment.

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