Mayor Bill de Blasio today hailed a milestone for New York City’s Medallion Relief Program (MRP), which has now helped 102 yellow-inscribed taxi owners secure $ 16 million in permanent debt cancellation .
Twenty-one of the 102 medallion owners saw their remaining debt fully wiped out following City-supported renegotiations.
Over 1,000 Medallion 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.
“Every restructured loan is done economically. Going over the 100 agreements – and keeping $ 16 million in the pockets of taxi medallion owners – is a major victory for workers in this city, ”said Mayor Bill de Blasio. “The Medallion Relief Program is not yet complete – with hundreds of additional owners in the pipeline, we will have more success to celebrate in the weeks and months to come.”
“The Taxi Medallion Owner Relief Program is successful in reducing debt. Reaching the top 100 medallion owners and reducing their initial collective debt of $ 33 million to $ 16 million is a milestone, ”said TLC Commissioner and Chairman Aloysee Heredia Jarmoszuk. “Time is of the essence to ensure better financial results for other MRP candidates. We encourage Medallion owners in need to apply, and we remain open to productive collaborations with all willing stakeholders. “
“Many New York City taxi medallion owners have been crushed by medallion debt, which has stifled their economic livelihoods and prevented them from making a decent living,” the Department of Justice commissioner said. Consumer and Worker Protection (DCWP), Peter A. Hatch. “We pride ourselves on the ability of TLC’s Owner / Operator Resource Center to provide free legal services and confidential, one-on-one financial advice to help these vital workers get back on the path to financial recovery. “
“In the last few weeks alone, we have had excellent results for our clients who own medallions, including two owners whose medallions were to be auctioned the same week they contacted us,” said Rose Marie Cantanno, associate director of consumer service. Protection Unit, New York Legal Assistance Group. “With our help, their loans were restructured and they received a significant loan forgiveness. “
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 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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